ZSE back in green amid Delta and Hippo strong gains

Tapiwanashe Mangwiro

The Zimbabwe Stock Exchange (ZSE) All Share Index continued its upward trend, adding 2,88 points equal to 1,12 percent to close at 259.25 points yesterday.

Gains were recorded across several key counters, with blue-chip stocks performing well, contributing to the overall positive sentiment on the market.

Delta Corporation Limited (DLTA.zw), the country’s largest beverage maker, led the risers, gaining ZiG 94.7883 to settle at ZiG 1966.7774. The company continues to attract investor interest due to its robust market position and consistent performance.

Hippo Valley Estates Limited (HIPPO.zw) also added ZiG 10.0000 to close at ZiG 880.0000, supported by solid fundamentals in the agricultural sector. Mashonaland Holdings Limited (MASH.zw), a real estate firm, increased by ZiG 3.9500 to end at ZiG 110.0000, benefiting from renewed confidence in the property market.

In the retail sector, OK Zimbabwe Limited (OKZ.zw) gained ZiG 1.1364 to close at ZiG 81.1667, reflecting its resilience in navigating Zimbabwe’s challenging consumer environment. Zimre Holdings Limited (ZIMR.zw), a player in the insurance and property sector, rose by ZiG 0.5714 to ZiG 38.5714, buoyed by its diversified portfolio.

On the downside, telecoms giant Econet Wireless Zimbabwe Limited (ECO.zw) shed ZiG 17.9797 to finish at ZiG 380.0569, as investors locked in profits following recent rallies.

CBZ Holdings Limited (CBZ.zw), one of the country’s largest banking institutions, dropped by ZiG 5.7692 to close at ZiG 1604.2308. Agricultural player Ariston Holdings Limited (ARIS.zw) fell by ZiG 3.9509 to ZiG 4.0091, while Seed Co Limited (SEED.zw) shed ZiG 3.9490 to finish at ZiG 534.9549.

First Mutual Properties Limited (FMP.zw) also ended the day lower, losing ZiG 1.6667 to close at ZiG 73.3333.

In company announcements, Zimre Holdings Limited (ZHL) reported a strong financial performance for the first half of 2024, with insurance contract revenue increasing by 63 percent to US$31,6 million. Cash from operations surged by 79 percent to US$10,6 million, while profit after tax rose 52 percent to US$6,8 million, showcasing the company’s growing financial strength.

Meanwhile, Fidelity Gold Refinery has forecast a 58 percent increase in gold deliveries for 2025, aiming for 38 tonnes on the back of increased output and prompt payments to miners, a significant boost for Zimbabwe’s foreign currency earnings.

In leadership changes, Meikles Limited has appointed Matthew John Moxon as its acting CEO, effective October 4, 2024, following the departure of its former chief executive.