ZSE advances as Econet gains on strong earnings

The Zimbabwe Stock Exchange (ZSE) All Share Index edged up 0,48 percent on Thursday, adding 1.32 points to close at 277.40 points, as gains in several heavyweight stocks offset losses in others.

Leading the gainers, Hippo Valley Estates Limited rose sharply by ZiG 110.1572c to ZiG 926.6628c, marking one of the day’s standout performances.

Financial giant CBZ Holdings Limited also advanced, adding ZiG 27.1875c to ZiG 1330.0000c. Property developer, First Mutual Properties Limited, climbed ZiG 12.0371c to close at ZiG 94.9561c, while Amalgamated Regional Trading Holdings Limited, increased by ZiG 9.0000c to ZiG 71.0000c.

Telecommunications leader Econet Wireless Zimbabwe Limited saw a modest gain of ZiG 2.6031c to close at ZiG 394.6138c, buoyed by its half-year 2025 results.

The company reported a 7 percent revenue increase to ZiG 5 billion, driven by a 56 percent rise in data usage and a 36 percent growth in voice services.

Profit after tax surged 27 percent to ZiG 347 million, underscoring Econet’s resilience in a challenging economic environment.

Conversely, Meikles Limited experienced the sharpest decline, shedding ZiG 55.4435c to ZiG 358.5982c.

Brewer Delta Corporation Limited fell ZiG 4.1176c to ZiG 2009.9977c, while FBC Holdings Limited lost ZiG 3.2187c to ZiG 1215.7895c.

Smaller declines were recorded by Dairibord Holdings Limited and Mashonaland Holdings Limited, which eased ZiG 0.5116c and ZiG 0.0833c, respectively.

In other corporate news, Proplastics Limited highlighted the economic headwinds affecting the manufacturing sector.

The company reported a 4 percent decline in sales volumes to 4,800 tons for the third quarter of 2024, with revenue falling 10 percent to US$14.5 million.

Chairman Gregg Sebborn noted the challenges posed by constrained power supplies and reduced demand but emphasised the benefits of stable raw material availability in sustaining operations.

Despite these sectoral challenges, Thursday’s trading session reflected investor optimism in select sectors, particularly telecommunications and financials, suggesting continued market resilience.-ebsinessweekl