eBusiness Weekly
Malvern Nkomo
The Zimbabwe Stock Exchange closed negative during the first week of July 2023 with most of the benchmark indices closing pointing southwards.
This comes as there is little demand for stocks on the market driven by mixed feelings as the Zimbabwean dollar journeys its recovery path against the United States dollar.
Positively the economy has seen a reduction in liquidity of the Zimbabwean Dollar following the liberalisation of the exchange rate, which has brought price stability and appreciation of value by the local currency for the past few weeks.
However, some economists argue that the strengthening of the Zimbabwean Dollar might be brief and the currency would soon crash.
During the week to Wednesday 5 July, the ZSE All Share Index plunged 5,9 percent from 173 041 points recorded last week to 162 840 points.
The ZSE Top 10 Index during the week also fell by 11 percent during the week under review to 84 767 points while ZSE Top 15 Index closed at 110 708 points.
This was 8,7 percent lower than 121 262 points from last week.
Small Caps however closed in the positive territory, improving by 22,6 percent from 1 789 067 points last week to 2 193 037 points.
The total market cap settled at $13,3 trillion during the week under review from $14,1 trillion the previous week.
The weak performance during the week was on account of declines in CBZ, FBC, Unifreight, Edgars and Mash.
CBZ, the biggest loser during the week, closed the week down 55,6 percent to $1 298 from $2 926 recorded last week.
FBC also closed 14,3 percent weaker during the week under review to trade at $1 200 while Unifreight closed at $205 which was a 14 percent decline from last week’s level of $238.
Edgars and Mash wrapped up the top losers list, both shedding 9 percent to $100.
The Top risers for the week were FML registering a whopping 94 percent improvement from $107 recorded the previous week to $207 during the week.
NMB during the week rose from $188 to $288 and this was a 53,4 percent gain.
BAT and Cafca went up 47 percent and 44,4 percent respectively to trade at $17 230 and $2 217 in that order.
Ariston wrapped up the top risers list for the week, up 39,4 percent from $26 to $36.
Overall the market witnessed 13 counters closing negative, 25 advances and 10 remaining unchanged.
On Exchange Traded Funds, Cass Saddle Agriculture ETF remained unchanged during the week at $5,75 while Datvest MCS ETF fell by 9,7 percent to $11.
Morgan&Co Made in Zim rose by 9,2 percent during the week under review to $7 while Morgan&Co Multi-Sector went up by 15 percent to $173.
OM ZSE Top-10 ETF plunged 2,5 percent during the week to close at $39.
