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Enacy Mapakame
Stocks maintained an upward trajectory with investors on the Zimbabwe Stock Exchange (ZSE) accumulating $2 billion in gains in the past week alone on firming demand.
During the week to Wednesday, the primary indicator, the ZSE All Share Index rose 3 percent to 487 points driven by gains recorded across the board.
The market’s heavyweights, the ZSE Top 10 Index inched up by a marginal 0,8 percent to close the week pegged at 398 points.
At 411 points, the ZSE top 15 Index was 1,1 percent above prior week level.
The Medium Caps was also on the upside with a 6 percent increase to 700 points.
The Small Caps paced the fastest with a 15 percent increase to 1549 points extending its year to date gains to 144 points.
As a result of gains recorded across board, total market value also increased by 3 percent to $63 billion compared to $61 billion recorded in the prior week.
Headlining risers for the week was MedTech with a 56 percent increase to 5,48 cents.
Powerspeed ticked 44 percent to close pegged at 46,18 cents while Turnall rose 40 percent to 14 cents. The constructions materials producer said export turnover for the year 2019 improved to $10 million contributing 5 percent to total group turnover.
Masimba jumped 36 percent to 48 cents while resources group, Bindura advanced 30 percent to 44 cents wrapping up the week’s top five risers.
Other significant gains were recorded in TSL that rose 27 percent to $1,50 while insurance firm FML was 26 percent above prior week to settle at $1,52.
Food and dairy processor, Dairibod rose 11 percent to 80 cents after reporting profit for the year to December 31, 2019 jumped 328 percent to $142 million on improved performance to reduced fixed overheads, diligent procurement practices and operational efficiencies.
The market was, however, not short of fallers.
On the downside, crocodile breeder, Padenga eased 2,9 percent to $5,40.
The group reported a depressed Foxhall performance during the year to December 31, 2019 due to evolving market conditions that affected skin prices and increased cost inherent in meeting social license expectations and measures to meet enhanced skin quality. However, the group is upbeat of good performance from its Zimbabwe crocodile operation targeting to sell 55 000 premium quality skins for the financial year 2020.
Third biggest counter by market cap, Delta gave up 2,2 percent of value to $5,86.
Cigarette manufacturer, BAT, backtracked 1 percent to $80 remaining the most expensive stock on the local bourse while Star Africa eased 0,75 percent to close the week pegged at 7,94 cents.
Diversified industrial giant, Innscor backtracked 0,57 percent to $7,16 wrapping up the week’s top five fallers.
Remaining unchanged for the week were GetBucks, Lafarge and Meikles that settled at 12 cents, $3 and $6 in that order.
Also remaining unchanged were the duo of banking groups ZB and FCB that closed the week at $1,50 and 22 cents respectively while diversified media group Zimpapers was also unchanged at 30 cents.
Online Reporter