Business Weekly Stock Market Update

THE Zimbabwe Stock Exchange closed the week ending Wednesday, March 8, 2022, with a total market value of $2,5 trillion, a decline of 2,65 percent compared to $2,6 trillion recorded last week.

The week also saw most of the indices closing on the negative with only one index being spared.

The Top 10 Index was the hardest hit, down 1,91 percent at 16 824 points from a previous 17 151,32 points while the Top 15 index ended the week down 1 percent to 20 002 points.

Small Cap Index recorded gains up 7,43 percent to 678 712 points from 631 770 points last week.

CFI was the top faller for the week plunging down to 58 880 cents, a 15 percent decrease from the previous 69 265 cents in the previous week.

Amongst the top fallers was CBZ down 9,85 percent to 14 007 cents and FMP down 7,5 percent to 1 550 cents.

EcoCash fell 5.89 percent to 6 591 cents as well as African Sun falling 5,72 percent as it awaits its migration from ZSE to the Victoria Falls Stock Exchange.

However, in a circular to shareholders, the board chairperson on Tuesday Dr Emmanuel Fundira said migration to the VFEX will enhance the ability of African Sun to raise US$ capital including foreign currency debt.

Ariston the top risers up 49,7 percent to 1 100 cents followed by Willdale gaining by 28,6 percent to 350 cents.

This comes as Willdale recently reported that the firm demand for bricks remains high for various projects such as housing development, shopping malls, and school infrastructure and it has sufficient working capital.

However, on the flip side some counters managed to close in the positive region with Nampack scoring 24,9 percent gains to 2 629.81 cents.

Nampack said there has been a steady demand across all segments of the business amid increased US dollar transactions which has helped Nampack secure supplies of imported raw materials.

Edgars which was amongst the top fallers last week improved by a 22,2 percent upswing to 1 650 cents from 1 350 cents as well as Tanganda also improved up 15 percent to 29 964,7.

The gains by Tanganda are credited to the company’s focus on exploring value-addition options and cost management avenues which have been supported by its recent solar system installations at three

On ETFs the Morgan & Co Multi-Sector (ETF) closed at 2 163 cents, a negative 5,98 percent fall from the previous 2 300 cents last week.

OM ZSE Top-10 ETF was the hardest hit, falling 8 percent from 852 cents to 783,72 cents.

Datvest MCS ETF however was the only ETF with gains up 4,40 percent settling at 195,48 cents