daniel chigunwe
Tapiwanashe Mangwiro
The Zimbabwe Stock Exchange (ZSE) All-Share Index ended the week of October 18, 2024, with a 3,53 percent rise over the previous week.
The ZSE Top 10 and ZSE Top 15 indices also posted gains, up 4,06 percent and 3,67 percent, respectively, driven by strong performances from 19 counters.
Key contributors to the rise included Econet, which gained 16,92 percent to ZiGc 443.92, Delta up 7,60 percent to ZiGc 2,000, and EcoCash rising 2,15 percent to ZiGc 42.50.
Total market turnover increased to ZiG 74,03 million, up from ZiG 61,80 million the prior week, with Econet and Delta contributing ZiG 32,7 million and ZiG 25,6 million, respectively.
On the exchange-traded funds (ETFs) front, the Morgan & Co Made in Zim ETF led with an impressive 60,92 percent weekly gain, while Datvest MCS and CassSaddle Agric recorded losses.
Meanwhile, the Victoria Falls Exchange (VFEX) All-Share Index edged up 0,38 percent, driven by gains in African Sun (+18,09 percent) and Innscor (+2,76 percent).
Tigere REIT reported net property income of US$1,3 million for Q3 2024, an increase from US$1,28 million in the same period last year, with 100 percent occupancy at its Highland Park Phase 1 and Chinamano Corner properties. The REIT declared an interim dividend of US$372 112, or USc0.03476 per unit, payable on November 8, 2024.
Platinum Securities noted in their latest market update, “We expect relative firming in stock prices in the coming week as market liquidity improves toward month-end. However, on the VFEX, trading activity is likely to remain subdued due to low investor participation, driven by competing demand for USD-denominated assets and limited foreign investor involvement.”
Bongani Ndlovu