Stock Market Weekly Review

Abearish sentiment prevailed on the Zimbabwe Stock Exchange (ZSE) in the past week, which saw four of the benchmark indices closing pointing southwards in what market watchers say it’s a self-correction exercise.

During the week to Wednesday, total market value retreated 5 percent to $479 billion from $505 billion recorded in the prior week reflective of the losses mainly in the market’s top cap counters.

The market’s heavy weights were the biggest casualties as the ZSE Top 10 Index backtracked 7,26 percent to 2 410 points. The ZSE Top 15 Index followed with a 7,23 percent decline to 2 764 points.

At 3 961 points, the primary indicator, the ZSE All Share Index was 4, 9 percent below prior week level indicative of the losses recorded during the week.

The Medium Cap gave up 1 percent to 8 902 points. The Small Cap was the only index that closed in the positive after recording a significant 30 percent gain to close at 21 950 points as it also remains the biggest gainer on a year to date basis.

Seed producer — Seed Co, fell the heaviest after declining by 19 percent to close at $24,10 followed by fast food firm, Simbisa, which gave up 18 percent to $18,52.

At $15, diversified insurance firm, FML was 17 percent below prior week figures of $18,19.

The duo of retail giant, OK and Dairibord, went down 16 percent each to close pegged at $16 and $19,11 respectively.

Other losses were recorded in Delta and General Beltings Holdings that fell 14 percent each to $41,92 and 20,53 cents respectively.

Hospitality group, RTG eased 10 percent to $1,59 while peers African Sun and Meikles also went down by 9 percent to $1,53 and 7 percent to $40. At Meikles, the diversified group indicated the adverse impacts of Covid 19 on its businesses during the quarter to December 31, 2020 but remains upbeat its agriculture segment will do well during the coming financial year on the back of good rains received this season.

Further losses were mitigated by gains in National Foods, which more than doubled or rose by 104 percent to $184 from $90,25.

The duo of Unifreight and NTS rose by 72 percent each to close settled at $3,19 and 47 cents respectively.

Clothing retailer, Edgars increased 55 percent to $3,25 while Turnall wrapped the top five risers with a 41 percent gain to $1,30.

Other significant gains were recorded in Afdis, which rose 20 percent to $34,80 while starafrica added 18 percent to 47 cents. The sugar processor reported that its Goldstar Sugars recorded production and sales volumes for the quarter to December 31, 2020, improved by 65 percent and 102 percent respectively from the previous quarter as production returned to normal after the company had a three-week total shutdown in the previous quarter due to the Covid-19 pandemic.

GetBucks, ZBFH and Zeco were the only counters that remained unchanged to close at 31 cents, $40 and 0,02 cents respectively.