Markets closed the week in recovery as liquidity finds home

The ZSE All-Share Index closed the week ending September 20, 2024, with a 0,81 percent gain over the prior week.

However, the ZSE Top 10 and ZSE Top 15 Indices ended the week down by 1,65 percent and 0,68 percent, respectively, driven lower by notable losses in heavyweights such as Econet, EcoCash, CBZ and Delta.

In total, 20 counters ended in the green, with only seven recording weekly losses. OK Zimbabwe led the risers, gaining 7,60 percent to ZiGc 92.28, followed by Star Africa, which advanced 5,90 percent to ZiGc 1.4932, and SeedCo, which rose 4,76 percent to close at ZiGc 567.65.

Total market turnover for the week amounted to ZiG 39.11 million, with Delta and Econet leading the activity, contributing ZiG 21.89 million and ZiG 2.71 million, respectively.

In the ETF space, Cass Saddle Agric was the only loser, declining by 13,04 percent to ZiGc 2.00, while the Old Mutual ZSE Top 10 ETF surged 16,84 percent to ZiGc 16.36, marking the strongest ETF performance.

On the VFEX, the All-Share Index dipped 0,68 percent, falling from 104.28 points to 103.58 points. Losses were spread across 8 of the 15 listed counters, though Padenga led gains with a 15,38 percent rise to USc 16.50, followed by Nedbank ZDR, which climbed 8,60 percent to USc 1,200.

“Looking ahead, we expect mixed trading on the ZSE next week, with month-end liquidity likely to support prices. On the VFEX, low investor participation, particularly from foreign players, may continue to suppress market activity,” said Platinum Securities.

In the week First Mutual Properties (FMP) released its unaudited financial results for the first half of 2024, showcasing a robust 271 percent growth in US dollar revenue. The company saw its revenue rise from US$1.17 million in the prior period to US$4.34 million, driven by improved rental income and increased occupancy levels.

Net Operating Income for the period reached US$2,38 million, reflecting efficient cost management and enhanced revenue collection. The occupancy rate for FMP’s property portfolio averaged a solid 89 percent, indicating steady demand for its commercial real estate assets.-ebusinessweekl