Stock Market Weekly Review
EQUITIES on the Zimbabwe Stock Exchange (ZSE) faltered with three of the benchmark indices closing the week to Wednesday pointing downwards.
The primary indicator, the ZSE All Share Index, closed 2 percent down to 21 438 points due to losses, especially in the big caps.
The ZSE Top 10 Index went down 4 percent to close at 13 295 points while the ZSE Top 15 Index fell by 3 percent to 14 767 points.
At 42 723 points, the Medium Cap Index was 3 percent above prior week’s level while the Small Cap Index recorded gains of 3 percent to settle at 469 262 points.
Total market value rose by a marginal 0,22 percent to close at $2,318 trillion from $2,313 trillion recorded in the previous week.
Media group Zimpapers headlined the week’s risers with a 32 percent increase to $3,19.
Packaging group Nampak put on 28 percent to close at $12 as the group experienced volume recovery for the nine months to December 31, 2022.
Hospitality group African Sun rose 19 percent to $ 32,05 while tea producer Tanganda added 18 percent to $126,94.
Diversified hospitality group — Meikles wrapped the week’s top five risers with a 15 percent increase to $150,13.
Other gains were seen in Seed Co Limited which rose 13 percent to $103 as the seed processor has indicated plans to migrate to the VFEX.
Several other counters have already moved to the US dollar denominated exchange which enables them to unlock value and raise capital in the muchneeded foreign currency.
The market was weighed by losses in FCB which gave up 27 percent to $13,03 followed by Unifreight which eased 12 percent to $59.
At $2,77, Truworths was also 12 percent below the prior week’s level as the clothing retailer reported a 9,5 percent trading volumes to increase for the year to July 10, 2022.
Cash sales accounted for 66 percent while credit sales accounted for the remaining 34 percent.
The group has, however, discontinued credit sales in local currency as the trading environment remained challenging.
The country’s biggest retail group, OK Zimbabwe went down 11 percent to $39,61 while FML completed the week’s biggest five laggards.
Afdis remained flat at $263,40 as the spirits and wines maker’s volume performance for the third quarter to December 31, 2022 remained solid.
Also maintaining prior week prices were Fidelity at $24; BAT at $2 789,90; FMP at $12 and NTS at $12.
Trades on the exchange-traded funds (ETFs) were skewed in the positive with Cass Saddle Agric ETF pacing the fastest after gaining 7 percent to $1,98.
Datvest MCS ETF was next with a 4,5 percent increase to $1,58 while Morgan & Co Made in Zim ETF added 4 percent of value to $1,30.
Morgan & Co Multi-Sector ETF put on 3,9 percent to close at $22,88.
The Old Mutual ZSE Top 10 ETF was, however, on the downside with a marginal 0,16 percent decline to $7,49.
On the Victoria Falls Stock Exchange (VFEX), Bindura and Padenga lost 10 percent and 0,17 percent to close at US1,8 cents and US29,45 cents respectively in Wednesday trade. Simbisa edged up 1,19 percent to US48,57 cents on 3 490 shares.