Stock Market Weekly Review

02 Feb, 2024 - 00:02 0 Views
Stock Market Weekly Review ZSE

eBusiness Weekly

Malvern Nkomo

Stocks on the Zimbabwe Stock Exchange (ZSE) largely registered notable gains during the week to Wednesday 31 January 2024 supported by the top five performers for the week adding more than 65 percent during the week.

A total 36 counters closed in the positive region while only 2 counters closed negative. The remaining 9 stocks were unchanged during the week maintaining last week’s prices.

The ZSE All Share Index which measures the overall market performance went up 38,23 percent during the week from 392 630,51 points last week to close at 542 743,66 points.

Similarly the ZSE Top 10 Index also closed positive up by 37,76 percent to 246 209,92 points during the week under review.

The ZSE Top 15 Index followed the same path, adding 91 905,66 points during the week to 331 602,19 points which translates to a 38,34 percent improvement.

The Small Cap Index however, improved by a marginal 0,92 percent during the week from 9 856 205,31 points posted last week to 9 947 030,87 points.

In the same light, the market capitalisation also recorded gains during the week, up by 36,23 percent from $31,9 trillion last week to $43,46 trillion.

During the week, GB Holdings was the stand out performer, up by an impressive 121,66 percent from last week’s price of $36,09 to $80.

NTS also closed positive, doubling its price during the week from $70 the previous week to $140.

Seed manufacturer SeedCo managed to close in the green up by 97,75 percent to $3 460,59 followed by Meikles which added 70,82 percent during the week to trade at $6 750.

The diversified hospitality group recently said its revenue doubled to $613,1 billion for the third quarter to November 30 2023 credited to improved business compared to the same period in the prior year.

Other gains were recorded in OK Zimbabwe which rose by 69,79 percent during the week under review from $280 to $475,40.On the losing side, RioZim was the hardest hit, down by 12,78 percent from $1 031,84 to $900 followed by Nampack which closed 3,64 percent weaker than last week’s level to $420.

On Exchange Traded Funds (ETFs), Old Mutual ZSE Top-10 ETF was the top riser, up by 36,94 percent to $89,68 followed by Datvest MCS ETF which closed at $15,53, representing a 17,51 improvement.

Cass Saddle Agric ETF also rose by 3,85 percent during the week to trade at 7,55 while Morgan&Co Made in Zim went up by 2,07 percent to $10,95.

However, Morgan&Co Multi-Sector closed in the red during the week at $511,90 from $512,98 last week.

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