Stock Market Weekly Review

Weakness persisted on the Zimbabwe Stock Exchange (ZSE) during a holiday-shortened week which saw all the benchmark indices in the negative led by the market’s big cap counters.

During the week to Wednesday, the primary indicator the ZSE All Share Index went down 2,7 percent to 15 654 points.

The ZSE Top 10 Index gave up 3,4 percent to 9 572 from 9 910 points recorded in the prior week.

At 10 587 points, the ZSE Top 15 Index was 3,1 percent below prior week level. The Medium Cap ended the week at 31 779 points which was 1,2 percent below comparable week.

The Small Cap eased 1,2 percent to close pegged at 511 934 points compared to 518 371 points.

Total market value ended the week 5 percent lower at $1,9 trillion reflective of the losses recorded especially by the big cap counters.

Banking firm, NMB, led the week’s top fallers with a 15 percent decline to $17 followed by peers FCB which fell 14 percent to $8,53.

Property firm – Mashonaland Holdings fell 13 percent to $4,33 while clothing retailer – Truworths gave up 7 percent of value to $1,85.

Simbisa completed the top five fallers with a 6 percent decline to $186,12. Other losses were seen in beverages giant – Delta which lost 3 percent to $219,71.

Further losses were offset by gains in Unifreight which put on 14 percent to $50 followed by GetBucks which added 13 percent to $17.

At $2,50, Ariston was 6 percent above the prior week while Econet rose by the same margin to $159,06. Insurance firm – FML rose 3 percent to $18, wrapping up the week’s top five risers.

Other gains were seen in hospitality group – African Sun which rose 3 percent to $16,50.

ZHL rose 2 percent to $3,71 while brick maker – Willdale increased by 1 percent to $2,62.

ART remained flat at $17 while Fidelity and FMP also remained unchanged at $22 and $9 respectively. Also maintaining prior week levels were Natfoods, Proplastics and ZBFH which closed at $1 750, $25 and $122 in that order.

During Wednesday trade alone, a total of 83,551 units exchanged hands in the ETF sector. Cass Saddle fell 8,88 percent to $1,50 as Datvest ended 0,13 percent lower at $1,64 while Morgan & Co ETF trimmed 6,33 percent to $26,37. The MIZ ETF was the only gainer as it rose 0,36 percent to settle at $1,25.

Elsewhere on the Victoria Falls Stock Exchange (VFEX), Padenga was the only counter to trade rising 2,63 percent to $US33,2 cents on 1,000 shares, while Seed Co international remained flat.

The duo of resources groups – Bindura and Caledonia remained flat. Caledonia reported gross profit for the quarter to June 30, 2022 jumped 28,8 percent to US$17,9 million from US$13 million during the same period in the prior year, as its local unit – Blanket Mine achieved record production for the quarter. Gold production at the Gwanda-based Blanket increased 20 percent to 20,091 ounces of gold in the quarter, which was a new production record for any quarter. For the first half of the current financial year, 38,605 ounces were produced representing a 29 percent increase on the same period last year.-ebusinessweekly