Stock Market Weekly Review

27 Oct, 2023 - 00:10 0 Views
Stock Market Weekly Review The Zimbabwe Stock Exchange

eBusiness Weekly

Malvern Nkomo

The Zimbabwe Stock Exchange closed the week to Wednesday 25, October 2023 in the positive as the benchmark index ZSE All Share Index closed at 148 170 points, 3,76 percent better than last week’s 142 798 points.

The ZSE Top 10 Index also closed positive up 2,81 percent during the week to 65 084 points.

ZSE Top 15 index added 2 430,88 points (2,85 percent) during the week, to 87 849 points while Small caps remained unchanged to close at last week’s level of 4 925 114 points.

In line with the recorded gains across the board, the total market capitalisation jumped 5,86 percent to $11,68 trillion from $11,03 trillion last week.

The overall market breadth during the week was positive with the market recording 20 advances, 7 declines and 20 counters remaining unchanged.

The top 5 counters to trade positively during the week were led by Willdale, up 28 percent to $16,14 followed by FML which added $119,25 (25 percent) to close the session at $585.

Meikles also traded positive during the week, up 17,78 percent to $965,79 while TSL rose to $517,90 from $450,35 last week.

Seed Co closed with a 14,97 percent increase to $740 during the week under review.

Trading negative during the week was Edgars, dropping to $87,33 from $95,38 last week.

CBZ also ended the week in the red, down 6,62 percent from $1 907,20 to $1 780,91 while Ariston closed down 4,38 percent to $30,17.

RTG fell 1,46 percent during the week under review, to $135 while BAT recorded a weekly loss of 0,76 percent to $13 892,86.

On Exchange Traded Funds, the largest gains were realised by Old Mutual ZSE Top-10 ETF, gaining 8,67 percent to $32,60.

Datvest MCS ETF also recorded gains of 1,73 percent to $7,24 from $7,12 recorded last week.

Morgan&Co Made in Zim closed 14,18 percent weaker from $7,90 last week to $6,78 while Morgan&Co Multi-Sector also closed negative, down 1,19 percent to $250.

On the United States Dollar market, the Victoria Falls Stock Exchange, largest gains were recorded by African Sun, up 13,75 percent to US4,55 cents followed by SeedCo Intl recording an 8 percent gain to US24 cents.

Marginal gains were recorded by Natfoods and Zimplow,up 0,64 percent and 0,28 percent respectively, trading at US150 cents and US3,64 cents in that order.

However, weekly losses were posted by Axia, shedding 28,8 percent to US5 cents from US7,02 cents last week.

Simbisa dropped about 17,7 percent to US32,05 cents during the week under review while FCB also posted a weekly loss of 14,17 percent, from US2,4 cents to US2,06 cents.

Oil prices fell on Thursday after a rise in US crude stockpiles and a climb in the dollar index, as Brent crude futures declined by US28 cents, or 0,3 percent, to US$89,95 a barrel, while US West Texas Intermediate (WTI) crude futures eased US18 cents, or 0,2 percent, to US$85,21 a barrel.

Gold prices climbed on Thursday as the Middle East conflict kept investors worried, with safe-haven bullion standing firm despite a stronger US dollar.

Spot gold rose 0,4 percent to US$1 986,79 per ounce while US gold futures edged up 0,1 percent to US$1 997,10.

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