eBusiness Weekly
Malvern Nkomo
The Zimbabwe Stock Exchange (ZSE) recorded gains during the week to Wednesday September 13, with all benchmark indices closing positive.
The ZSE primary indicator, ZSE All Share Index, closed 17,4 percent stronger during the week, at 144 35 points from last week’s 122 960 points.
ZSE Top 10 Index also closed in the positive territory up 24,8 percent during the week under review, from 56 858 points recorded last week to 70 932 points.
The ZSE Top 15 Index also improved by 20 percent during the week, to close at 94 768 points while Small Caps remained unchanged at 2 320 369 points.
In line with the gains recorded across the board, the total market cap advanced 17,12 percent during the week from $9,8 trillion to $11,5 trillion.
The overall market breadth was positive with 23 counters advancing, 6 declines and 19 counters remaining unchanged.
Financial Services Groups, CBZ Holdings led the top performers this week gaining an impressive 64,9 percent to trade at $1 057,80 from last week’s $641,56.
This comes after CBZ Holdings and First Mutual Holdings Limited (FMHL) entered into a merger last week, with CBZ acquiring a 36 percent stake in FMHL.
Following this development, CBZ Holdings said; “Our strategic focus in this significant acquisition is to move towards integrating the operations of CBZ Holdings and First Mutual Holdings, in order to achieve the scale necessary to compete with larger corporations in Zimbabwe and the region.”
Beverage manufacturer Delta was the second top performer up 41,3 percent to settle at $3 117,25 while Masimba rose by 35,4 percent from $450,35 to $609,73.
Other gains were seen in FMP closing in the positive territory up 30,3 percent to $125,05 while Willdale improved by 27,3 percent to $7.
The worst-performing stock for the week was DZHL down 17 percent from $675,67 last week to $560,56.
Further gains during the week were offset by losses in Art, down 13,9 percent to $43,90 from $51,00.
Seed manufacturer Seed Co closed 13,7 percent weaker during the week from $1 043 to $900.
BAT closed at $17 285,69 , a 3,57 percent decline from last week’s level of $17 924,95.
Tanganda recorded marginal losses, down 0,08 percent from $999,98 to $999,15 during the week under review.
On Exchange Traded Funds (ETF’s), Morgan&Co Made in Zim paced the fastest, up 15,7 percent at $7,31 followed by Morgan&Co Multi-sector up 15 percent to trade at $185,03.
Old Mutual ZSE Top-10 ETF closed 2,37 percent stronger at $22 from $21,50 last week.
Datvest MCS ETF recorded marginal gains of 0,35 percent during the week to trade at $5,72.
Cass Saddle Agric ETF was the only ETF to record losses during the week, shedding 0,41 percent to trade at $7,22.
Brent crude was at US$92,71 a barrel on Thursday while US West Texas Intermediate crude (WTI) was pegged at US$89,22.
Saudi Arabia and Russia’s extension of oil output cuts are expected to result in a tighter global crude supply outlook and the tightening oil balance will likely remain the dominant price driver for the rest of 2023.
Gold prices crawled higher on Thursday from nearly three-week lows with Spot gold settling at US$1 909,21 per ounce while US gold futures were at $1 930,80.Alia
