Stock Market Weekly Review

24 Mar, 2023 - 00:03 0 Views
Stock Market Weekly Review The Zimbabwe Stock Exchange

eBusiness Weekly

Malvern Nkomo

The Zimbabwe Stock Exchange (ZSE) closed positive for the week to Wednesday March 22 with the market capitalisation up 12,45 percent to close the week at $3,1 trillion from a previous $2,8 trillion.

The ZSE All Share Index notched by a staggering 20,54 percent to 38 522 points from a previous low of 31 957 points while the ZSE Top 10 Index rose by 23.58 percent to 23 340 points.

Overall year-to-date nominal gains stretched to 97,61 percent for the All Share Index.

ZSE Top 15 Index also closed positive, gaining by 22.84 percent to 27 297 points, scaling up year-to-date (YTD) gains to 103.16 percent.

The Small Cap Index closed negative shedding off 2.81 percent during the week under review, landing at 633 264 points from a previous 682 470.

The top performers for the week were Econet gaining 29,6 percent to 2 895 cents while Delta rose by 30,5 percent to 80 356 cents from 61 592 cents last week.

EcoCash also made it to the top risers going up 34,8 percent to 9 000 cents during the week under review.

Recently EcoCash unveiled a US$200k US dollar promotion, where millions of its clients stand a chance to win by transacting using the Ecocash USD wallet.

First Capital Bank (FCB) was the most dominant on the list, surging by a whopping 60,4 percent to close the week at 2 895 cents compared to the previous week 1 804 cents with the gains credited to FBC being the first listed bank to plan to de-list its shares from the ZSE and subsequently listing its shares on the Victoria Falls Stock Exchange (VFEX).

On the downside, some counters closed negative during the week under review with Turnall being the biggest loser shedding 12,5 percent from 800 cents and closing at 700 cents, despite the company announcing that it would resuscitate its fibre cement plant to improve output earlier last year.

Zimpapers plunged 7,9 percent from last week’s 581 cents landing at 535 cents while Ariston shaded off 5,9 percent to close at 1 043 cents.

ZB Financial Holdings went down by a mild 0,42 percent closing the week at 11 750 cents. This comes as ZB recently increased its stake in Mashonaland Holdings, controlling 50,58 percent stake in the fellow ZSE-listed property firm.

Moving to Exchange Traded Funds (ETF’s), OM ZSE Top-10 managed to close positive recording gains up 15,7 percent to 920 cents.

The duo Morgan&Co Multi-Sector and Morgan&Co Made in Zim firmed by 12,05 percent, and 3,13 percent respectively, while on the flip side, Datvest MCS plunged 0,48 percent to close at 186 cents.

Cass Saddle Agric remained unchanged maintaining its last week’s 209 cents during the week under review.

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