Stock Market Weekly Review

ZIMBABWE Stock Exchange (ZSE) performance retreated during the week to Wednesday 22 February with three of the indices closing negative. By the end of the closing period, the ZSE All Share Index waned 5,75 percent closing the week at 27,925 points.

Big caps, which constitute the ZSE Top 10 index fell 10, 15 percent to 16,932 points while the ZSE top 15 slid 7,51 percent to end the week at 19, 303 points.

At 58, 980 points, the medium cap was 6,51 percent ahead of the prior week while the smallcap companies at 580,076 were the highest risers in the week translating to a 13,43 percent gain.

The fall in the All Share, Top 10 and Top 15 indices, reflected on the total market value which plunged 8, 15 percent to $2,977 trillion from the $3,241 trillion posted in the prior week.

African Sun was the top performer recording a 49, 8 percent rise The group will be moving to the Victoria Falls Stock Exchange (VFEX) after from a decision by the board of directors.

At 1390 cents Edgars mounted 39 percent from the previous week’s 999 cents while Turnall ended the week at 575 cents a 29, 4 percent rise from 444.25 cents same period last week.

Zimpapers saw a 25 percent growth in the week to close at 500 cents from 400 cents recorded in the previous week.

Ariston wrapped the week’s top five top risers with a 22,6 percent gain to 553 cents from 450 cents recorded last week. Ariston Holdings is anticipating growth in this year’s production levels on the back of notable rains that have characterised the 2022/23 cropping season.

According to the firm, early indications on macadamia production volumes and quality are showing an improvement while banana production volumes had a 14 percent increase..

Ariston last year invested in a new fleet of tractors and rehabilitation of irrigation systems at its estates including setting up additional centre pivot at the Kent estate to improve quality for both tea and macadamia.

In contrast, this week’s performance was weighed by losses as Econet Wireless Zimbabwe’s eased to 17 272 cents a 20, 9 percent decline from last week’s 21 855 cents.

This comes at a time when the mobile network operator announced a nine percent revenue improvement in inflation-adjusted terms compared to the same period in the previous fiscal year.

Seed Co fell 20, 5 percent to end the week at 19 000 cents a dip from last week’s 23 917 cents. Yesterday the company announced hat its board of directors had resolved to “indefinitely suspend the proposal to migrate the company’s listing from Zimbabwe’s Stock Exchange to the Victoria Falls Stock Exchange.

Another blue chip company, Delta Beverages ended the week at 54 077 cents which was a 16 ,9 percent fall from the previous week’s 65 129 cents.

Star Africa on the other hand retreated 10,3 percent to 169 cents from last week’s 189, 50 cents.

This comes as the company last week suspended production at its refinery citing high prices and unfavourable trading terms and this could have affected the company’s trading during the week.

However, the group resumed operations on Sunday 19 February after a successful resolution of the pricing of raw sugar and the trading terms.

RTG performance took a marginal 7,91 percent dip to 1 105 cents from 1 200 cents posted last week.