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Enacy Mapakame
Zimbabwean stocks rebound strongly in the week to Wednesday led by agriculture- related shares. All of the Zimbabwe Stock Exchange’s benchmark indices pointed north at the week’s close.
The primary All Share Index rose 1,64 percent week-on-week to 103,07 level while the Top 10 index climbed 2,66 percent to 104,76.
The Industrials Index added 1,63 percent to 346,05 and the Minings Index gained 1,5 percent to 161,8 level.
On a year to date basis, the Minings Index has gained by 13,62 percent.
At $9,630 billion, total market capitalisation improved by 1,64 percent compared to $9,475 billion a week earlier.
Total turnover jumped 6 percent to $19,2 million. Volumes rose 65 percent, with just over 35 million shares changing hands.
Shares in agriculture rose faster than the rest of the market.
Tea and fruit grower Ariston soared 20 percent to 1,68 cents as tobacco processor TSL Limited also rose 7 percent to 42,75 cents.
Hippo closed at $1,60, up just under 7 percent from a week earlier. The sugar manufacturer anticipates a bump in profitability this year and going forward following the successful completion of the Tugwi-Mukosi Dam which has improved irrigation for cane, resulting in better crop quality.
Indications are that standing cane valuations at year end already reflect the improvement in the cane crop to be harvested which benefitted from optimum irrigation.
Other gains were recorded in seed maker Seedco that put on 5 percent to $2,10, while the market’s biggest stock Delta added 2,12 percent to $1,83.
Telecoms giant and the market’s second largest stock by capitalisation, Econet added 15,64 percent of value to $1,09.
On the downside, hospitality group Meikles fell 17 percent to 30 cents from 36 cents in the prior comparable week.
Crocodile breeder, Padenga retreated 15 percent to 55 cents while industrial conglomerate Innscor was 11 percent weaker to $1,18.
At 10,25 cents, financial services group, CBZ Holdings lost 8,6 percent s competitor Barclays that dropped 8 percent to close the week at 6,5 cents.
On the resources, index, RioZim added 2 percent to $1,49 while Bindura rose by a marginal 0,2 percent to 5,07 cents. Falgold and Hwange remained unchanged at 2,5 cents and 4 cents respectively.
Falgold last week reported industrial action at its mines between January and March this year negatively affecting operations. It reported a comprehensive loss of $1,6 million for the half year to March 31, 2018 on depressed gold production.
Also unchanged were Natfoods, RTG and Truworths that maintained prior week prices of $5,46, 1 cent and 1,29 cents respectively.
Bongani Ndlovu