Zimbabwe stock market begins year on high note

The Zimbabwe Stock Exchange (ZSE) sustained gains for the second consecutive week this year as big cap counters were the major drivers of both value and volume.

Fintech Group, Cassava, drove aggregates contributing 39 percent of total volumes exchanged during the week under review and accounted for 38 percent of total value.

Econet and Delta were also among the major traded stocks in the week.

In terms of value, Delta contributed 21 percent and 9 percent in volumes traded for the week, while Econet accounted for 10 percent of the total shares that exchanged.

The telecoms giant accounted for 9 percent of the total value while Old Mutual and Innscor also contributed 9 percent apiece to total value.

Value of trades went up 6 percent to close at $22,2 million from $20,9 million achieved in the prior week.

Weekly volumes increased by 3,3 million or 29,9 percent to close pegged at 14,3 million shares with ZPI and OK Zimbabwe contributing 7 percent and 6 percent of that respectively.

Overall, the primary indicator, the ZSE All Share Index rose 0,83 percent to 234 points while total market value closed the week at $30,2 billion.

Headlining risers for the week were Powerspeed that rose 20 percent to close at 24 cents followed by largest media group, Zimpapers, which put on 16 percent to close the week at 14 cents.

Cable manufacturers — CAFCA came in with a 12 percent increase to reach a high of $2 where supply could be found. Banking group FCB advanced 11 percent during the week and settled at 10 cents despite it closing offered at that level.

Retail giant, OK ticked 8 percent to 65,77 cents on firming demand while Axia rose 7 percent to close the week at 65,25 cents.

At 80 cents, TSL was 5 percent above prior week while ZB wrapped the top 10 risers for the week with a 2 percent increase to 74 cents.

On the downside, weak demand in Willdale saw the brick manufacturer succumbing 29 percent week-on-week to close at 2,55 cents while clothing retailers Edgars followed shedding 14 percent to close at 18 cents.

Insurer FML lost 10 percent to end the week at 29,5 cents as NMB eased 9 percent to 37 cents. Also on the downside, resources group RioZim fell 3 percent to close pegged at $2,25 albeit closing firmly bid higher.

At $2,49 crocodile skin producer Padenga was 1 percent lower while CBZ retreated by the same margin to close at 69 cents.

The duo of ZPI and Simbisa each fell 0,7 percent to close settled at 5,66 cents and $1,25 in that order while biggest stock, Delta completed the top 10 losers with a marginal 0,2 percent decline to $3,45.