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Enacy Mapakame
Stocks continued on a downward trend for the fourth consecutive week on profit taking as three of the benchmark indices closed pointing downwards. In the week to Wednesday, the primary indicator, the ZSE All Share Index, fell a marginal 0,44 percent to 227,19 points while the market’s Top 10 Index fell the heaviest with a 1,11 percent decline to 207,61 points.
The Industrials fell 0,48 percent to 756,67 points compared to 760,33 points recorded in the previous week.
On the resources side, the Mining Index was the only indicator to close in the positive after putting on 2,03 percent to 314,86 points on gains recorded in all the three active mining counters.
At $30 billion, total market value was also on the upside after adding 1,57 percent over prior week level.
Masimba headlined risers for the week with a 35 percent jump to 19 cents followed by Power-speed that added 30 percent of value to settle at 42 percent.
At 3 cents, gold miner, Falgold was 20 percent above prior week’s level of 2,5 cents. This comes as the yellow metal is predicted to reach a price of US$1 700 an ounce and higher in early 2020.
This month gold rallied to its highest level in six years, ranging between US$1 480/oz and US$1 510/oz.
Standard Chartered Bank expects gold to remain at these prices for the rest of this year and then move to around US$1 570/oz by this time next year.
Agriculture concern, Ariston rose 19 percent to 12,56 cents while Proplastics ticked 17 percent to 88 cents as it wrapped up the week’s top five risers.
Other gains were recorded in Dairibord, which put on 14 percent to 56,25 cents while third biggest stock by market value, Cassava was 6 percent up to $1,57.
The market’s biggest counter by value, Delta, inched up by a marginal 0,01 percent to $3,69. FML and Zimpapers each rose by 4,17 percent to 25 cents and 10 cents respectively. On the downside, largest banking group by assets and deposits, CBZ retreated 9 percent to 60 cents.
The duo of NMB and Art each gave up 6 percent to close the week pegged at 37,26 cents and 14 cents respectively. At 8,06 cents, property firm, Dawn was 5,18 percent lower than prior week.
Regional seed producer, SeedCo backtracked 4 percent to $1,91 wrapping up the week’s top five fallers. Other losses were seen in FCB which backtracked 1 percent to 9,9 cents while Simbisa eased a marginal 0,62 percent to $1,38.
ZPI, Truworths and RTG remained flat at 3,52 cents, 2,4 cents and 11,5 cents respectively also maintaining prior week levels were Nampak, Lafarge and Edgars that closed the week pegged at 55,25 cents, $1,72 and 18,2 cents in that order while the market’s most expensive stock, BAT also remained unchanged at $50.
At Edgars, its subsidiary, Jet Stores, opened a new branch in Banket as the clothing firm continues to expand its footprint across Zimbabwe making this Jet’s 26th branch in the country after it opened shops in small towns including Zvishavane, Gokwe, Chipinge, Kadoma, Chinhoyi, Bindura, and Gwanda. There are plans to increase the number of outlets across the country.
Bongani Ndlovu