eBusiness Weekly
Malvern Nkomo
The Zimbabwe Stock Exchange (ZSE) sustained gains during the second week of June with all benchmark indices closing in the positive territory.
During the week to Wednesday 14 June, the mainstream ZSE All Share Index firmed 23 percent, closing at 185 350 points from 150 639 points recorded last week.
The ZSE Top 10 Index also closed positive, up 23 percent during the week under review closing at 114 023 points.
The Top 15 Index closed the week pointing northwards, improving by 24,3 percent from 108 052 points last week to 134 277 points.
Small caps rose by a mild 9,2 percent to an all-time high of 1 127 401 points.
The market cap for the week under review closed at 15,3 trillion from a previous 12,4 trillion recorded last week.
This was a 23 percent improvement taking the year-to-date gains to 647,3 percent.
The top performer of the week was CBZ which rose by 91,7 percent to settle at $3 099,93 from $1 617,40 recorded the previous week.
FBC was the second top performer improving by 90,5 percent to trade at $471,40. This comes as the financial services group revealed that it had signed a deal to take over Standard Chartered Bank Zimbabwe which is currently pressing ahead with plans to exit seven markets in Africa and the Middle East.
As part of the agreement, FBC Holdings will also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20,7 percent shareholding in Mashonaland Holdings.
FMP, Wildale and Meikles wrapped up the top performers’ list as third, fourth and fifth on the list closing at $104,30, $12 and $2 357,14 respectively.
During the week under review, FML was the only counter to close in the negative territory falling by 6,5 percent at $70.
On Exchange Traded Funds Cass Saddle Agric ETF rose by 14,9 percent from $3,96 to $4,55 while Datvest MCS ETF went up by 73,4 percent to close at $13.
Morgan&Co Made in Zim closed at $6,40 from $4,41 recorded last week while Morgan&Co Multi-Sector went up 38 percent during the week under review at $145.
OM ZSE Top-10 ETF settled at $45,91 from a previous $27,57 recorded last week.
Oil prices steadied on Thursday as the market balanced a jump in refinery runs in China, the world’s top crude importer, with a weak economic backdrop.
Brent crude futures were up 3 cents to US$73,23 a barrel while West Texas Intermediate rose by 1 cent, to US$68,28 a barrel. Both benchmarks fell 1,5 percent on Wednesday.
During the week, gold prices fell to a near three-month low on Thursday as the dollar gained after the US Federal Reserve hinted at further rate hikes this year.
Spot gold fell 0,4 percent to US$1,935,09 per ounce, hitting its lowest since March 17. US gold futures dropped 1,1 percent to US$1,947,10.
