eBusiness Weekly
Enacy Mapakame
Weakness persisted on the Zimbabwe Stock Exchange ( ZSE), which saw four of the benchmark indices close in the negative in the past week in losses dominated by heavy cap counters.
During the week to Wednesday, the market’s heavy capitalised stocks, the ZSE Top 10 Index fell the heaviest with a 7,61 percent decline to 1 009 points compared to prior week’s 1093 points.
The ZSE Top 15 Index followed with a 6,39 percent fall to close settled at 1 197 points. At 1 547 points, the primary indicator, the ZSE All Share Index was 5,5 percent below prior week level of 1 638 points.
The Medium Cap retreated 1,9 percent to close pegged at 3 096 points.
The Small Cap was the only indicator to close in the positive after adding 2,95 percent to 5 831 points.
In line with losses that dominated trades during the week, total market value came off 3,65 percent to $198,9 billion from $206,5 billion.
Weighing down the market, biggest counter by capitalisation, CBZ went down 24 percent to close at $40 from prior week’s $52,90. Peers — FCB lost 20 percent to 50,14 cents compared to 63,11 cents.
The duo of Truworths and RioZim added 19 percent each to close at 13,1 cents and $9,20 respectively.
Powerspeed wrapped up the week’s top five fallers after declining by 18 percent to $1,55.
Other losses were recorded in Dairibord, which eased 11 percent to $8,43 while Dawn let go of 10 percent to settle at 89,75 cents from $1. African Sun backtracked 8 percent to $1,72.
Industrial giant, Innscor eased 7 percent to close at $18,40 while Econet, FMP and Hippo lost 4 percent each to settle at $4,70, $2,20 and $13,50 in that order. At Econet, the telecoms giant indicated that demand for virtual self-service platforms is growing as the market adapts amid on-going social distancing measures to limit the spread of Covid-19.
Further losses were mitigated by gains in Mashonaland Holdings, which put on 33 percent to 55,76 cents followed by Zimplow that rose 19 percent to $5. At $2,20, Masimba was 15 percent above prior week level. Crocodile breeder,
Padenga, rose by 12 percent to $14,69 while retail giant OK put on 6 percent to $4,78.
Other gains were recorded in Nampak which added 4 percent to $1,05 while Simbisa and Willdale rose by 3 percent each to close at $6,73 and 23,01 cents respectively. Afdis and Fidelity remained unchanged at $17 and 96 cents in that order.
Also remaining flat was MedTech which closed pegged at 8 cents while Proplastics was unchanged at $5,99 after reporting a depressed volumes performance for the half year to June 30, 2020 due relocation exercise to new plant as well as she to Covid-19 induced lockdown.
