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Enacy Mapakame
The Zimbabwe Stock Exchange maintained gains in the week to Wednesday that saw three of the benchmarks close in the black as the country’s net trade position improved for the month of September.
Recovery in gold exports, which registered a 12 month high in September, helped improve the trade situation. Market watchers contend that the year to date performance, arguably the most improved outturn since 2009, has also been largely driven by austerity measures that have helped cut on demand.
According to the Zimbabwe National Statistics Agency (Zimstat), the country last month exported goods worth US$378,4 million against imports of US$403,7 million and therefore suffered a deficit of US$25,3 million.
During the week under review, the primary indicator, the ZSE All Share Index put on 1,87 percent to 231,43 points while the ZSE Top 10 Index paced the fastest with a 2,86 percent gain to 213,55 points.
At 773,35 points, the Industrials Index was 2,2 percent above prior week level. The resources indicator, the Mining Index of three active counters was, however, in the negative with a 17 percent decline to 259,73 points on losses in Bindura and RioZim.
Total market value eased a marginal 0,29 percent to $30,2 billion.
Regional cement maker, PPC headlined the week’s risers with a 28 percent jump to $4 followed by agriculture concern, Ariston that rose 26 percent to 15,89 cents.
The only listed brick making firm, Willdale, increased by 20 percent to 4,8 cents while Mashonaland Holdings closed pegged at 8,4 cents, which was 19 percent above prior week level.
At 2,85 cents, Star Africa was 9,62 percent firmer as it wrapped up the week’s top five performers. Other significant gains were recorded in Nampak and FML, which rose 9 percent to 60,25 cents and 8 percent to 27 cents in that order.
Meikles and MedTech were also up 6,5 percent to $1,71 and 5,56 percent to 0,76 cents respectively.
The market was, however, not short of fallers as the duo of Masimba and TSL lost 20 percent each to close at 15,2 cents and 60 cents respectively.
Nickel producer, Bindura fell 18 percent to 10,9 cents while peers RioZim was also among the top fallers with a 17 percent decline to $2,15, dragging the mining index by a hefty 55 points.
During the week under review, Bindura announced that its ultimate shareholder ASA has concluded the sale and purchase agreement with the third party, which has been under long running negotiations.
Regional seed producer, Seed Co, also fell 17 percent to $1,58 from $1,91 recorded in the prior week.
Other losses were recorded in Art, which eased 8,29 percent to 12,84 cents, while banking groups, FCB and NMB lost 6 percent to 9,3 cents and 6 percent to 35 cents in that order.
The market’s second and third biggest counters by market cap, Econet and Cassava, eased 1,87 percent to $1,70 and 4 percent to $1,50 respectively.
During the week under review, telecoms regulator, Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), approved an upward 95,39 percent voice,
data and SMS tariff adjustment for both mobile and fixed network operators as previous tariffs were ravaged by inflationary pressures.
Afdis remained flat at $1,98. The most expensive stock, BAT, also maintained prior week price at $50 while Edgars, FMP and NTS also remained unchanged at 18,2 cents, 8 cents and 2,15 cents in that order.
Bongani Ndlovu