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Enacy Mapakame Business Reporter
The equities market closed in the positive territory during the holiday shortened week to Thursday, amid coronavirus induced uncertainties gripping economies across the globe.
The World Bank already sees economies in the Sub-Saharan Africa facing serious headwinds emanating from low agriculture production due to disturbances caused by the pandemic.
The region and Zimbabwe in particular, are commodities-based economies and restrictions in movements will have a knock-on effect on trade and the general economic performance.
On the local bourse, the ZSE All Share Index put on 1,6 percent to 467,82 points during the week under review while the Small Caps paced the fastest with a 3,34 percent increase to close pegged at 1 262 points.
At 387,37 points, the market’s heavy cap counters, the ZSE Top 10 Index was 2,23 percent above prior week level.
The ZSE Top 15 Index rose 1,51 percent to 402,85 points while the Medium Caps inched up 0,32 percent to 664 points.
Sugar processor, Hippo Valley, led value drivers with trades totalling $12,3 million followed by the market’s biggest counter, Delta, which accounted for $11,2 million. Delta closed the week at $6,14.
Fintech group Cassava was among the top three traders accounting for $7,4 million and closed the week pegged at $3.
Headlining risers for the week was property firm, Dawn which amassed 44 percent of value to 7,92 cents followed by Powerspeed that added 43 percent of value to 25,3 cents.
At 4,03 cents, brick making firm, Willdale was 25 percent above prior week level.
On the downside, Art Holdings eased 12 percent to 41 cents while diversified hospitality group — Meikles let go of 11 percent to $7,11. Resources group, Bindura lost 10 percent to 38 cents. Market watchers forecast a 7 percent increase in FY2020 revenue to US$57 million while FY2021 will take a dip due to reduced steel demand.
Equities analyst see the market continue battling for direction during the remainder of the month but with more pressure on the downside. Relief is, however, expected post pandemic period.
Online Reporter