eBusiness Weekly
Enacy Mapakame
The month of May started on a bad note for investors on the Zimbabwe Stock Exchange (ZSE) as the market backtracked week on week, in losses dominated by the heavy caps.
During the week to Wednesday, total market value faltered by 5 percent to settle at $3,4 trillion, reversing gains accrued in April.
The primary indicator, the ZSE All Share Index fell 5,44 percent to close the week at 27 839 points while the market’s top caps, the ZSE Top 10 Index went down 5,49 percent to settle at 18 485 points.
At 20 455 points, the ZSE Top 15 Index was 5,9 percent below prior week level while the Medium Cap backtracked 5,42 percent to 45 560 points.
The Small Cap was the only index to close in the positive at a 0,1 percent gain to 577 937 points.
Tea producer, Tanganda led the week’s laggards with a 28 percent decline to $239,96 followed by insurance giant, FML which eased 23,63 percent to $19,85 as the group remains confident in the country’s medium-term economic prospects and will continue to invest in core businesses and complementary areas.
Property firm FMP gave up 16 percent to settle at $9,99 after reporting net property income after administration expenses grew 55 percent to $175,9 million for the year to December 31, 2021 against prior year. This was driven by a 39 percent growth in revenue which closed the year at $594,75 million.
At $177,18, Axia was 15 percent below prior week level.
Beverages maker, Delta, completed the top five fallers with a 11 percent decline to $405,10.
Other losses were seen in telecoms giant, Econet which also lost 11 percent to $293,29. The duo of diversified hospitality group, Meikles, and resources group, RioZim went down by the same margin – 11 percent each to $240,14 and $150 respectively.
Further losses were offset by gains dominated by financial services providers. ZXBFH jumped 53 percent to $96,42 followed by property firm Mashonaland Holdings which rose by 41 percent to $5,52.
Banking firm FCB put on 28 percent to $10,15 while peers, NMB added 18 percent to settle at $36,95. Diversified agro-industrial firm, CFI wrapped the week’s top five gainers with a 15 percent increase to $230.
