eBusiness Weekly
Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) indices continued to surge last week as heavy cap counters recovered, sustaining gains. As a result, all the market’s benchmark indices closed the week to Wednesday pointing northwards and extended the ZSE’s year to date gains.
The primary indicator, the ZSE All Share Index advanced 1,89 percent to 193,81 points. On a year to date basis, the ZSE All Share Index is up by 32,53 percent from 146 points on January 02, 2019.
The ZSE Top 10 Index was 1,53 percent firmer to 186,63 points on gains in the market’s heavies.
The mainstream Industrials Index added 1,02 percent of value to close pegged at 646,85 points while the Mining Index of two active counters paced the fastest with a 8,35 percent jump to 248,51 points from 229,36 points in the previous week.
Total market value rose 1,6 percent to close the week at $25,5 billion driven by gains in the market’s top cap stocks.
Dairibord was the week’s best performer after it put on 26,17 percent to 20,25 cents followed by Ariston that rose 25,33 percent to 5,64 cents after reporting earnings growth for the half year to March 31, 2019.
Ariston said its half year revenue increased by 50 percent to $7,96 million from $5,31 million realised during the comparative period on better pricing being achieved on export crops due to quality improvement and also the effect of the interbank rate where the RTGS$ has depreciated against the US$.
Pharmaceuticals firm, MedTech ticked 21,43 percent to 0,34 cents while National Tyre Services rose 20,11 percent to 2,09 cents
Powerspeed sealed the week’s top five gainers with a 20 percent increase to 20,4 cents. Masimba put on 19,5 percent to close the week pegged at 10,5 cents while clothing retailer, Truworths rose 16,86 percent to 2,01 cents.
Other gains were recorded in Padenga that added 10 percent to $1,96 as the crocodile breeder hit the billion dollar mark in market value to close the week with a capitalisation of $1,06 billion.
FML advanced 12,5 percent to 18 cents while industrial conglomerate, Innscor was 9 percent higher to close at $2,36.
During the week, hospitality group, RTG indicated it maintained its growth trajectory with a 131 percent revenue jump to US$25,6 million for the five months to May 2019 compared to US$11 million recorded during the same period the prior year on an increase in foreign currency business received across all its hotels.
RTG closed the week pegged at 8,5 cents, a marginal gain of 0,24 percent.
The market was not short of bears as banking institutions made up the list of top fallers for the week. FCB fell the hardest as it eased 8 percent to 8 cents while largest banking group by assets and deposits, CBZ followed with a 4 percent decline to 45 cents.
ZBFH eased 3,9 percent to 49 cents ahead of its annual general meeting held during the week.
At $1,74 cents, Cassava was 0,49 percent lower than prior week levels. NMBZ was among the week’s top five fallers with a marginal loss of 0,07 percent to 27,5 cents from prior week’s 27,52 cents.
The market’s biggest stock by value, Delta had a marginal decline of 0,02 percent to $3,61, wrapping up the week’s fallers.
On the resources side, nickel producer, Bindura jumped 9,45 percent to 11 cents while peers, RioZim rose 8,11 percent to $2. RioZim has indicated construction of its 2 800 megawatts Sengwa power project will commence in the next 12 months after the mining group signed an exclusivity agreement with Chinese firm, Power China.
Spirits and wines maker, Afdis remained flat at $1,76 while Art, BAT and Dawn also remained unchanged at 11 cents, $35 and 3,36 cents respectively.
Also maintaining prior week levels were FMP, Proplastics and Star Africa that closed pegged at 6,5 cents, 32 cents and 1,81 cents respectively
