The Zimbabwe Stock Exchange (ZSE) maintained steady gains in the week as gainers outnumbered fallers leaving the bourse with a positive market breadth.
In the week to Wednesday three of the four benchmark indices closed in the positive. The primary indicator, the ZSE All Share Index closed the week 2,85 percent firmer to close pegged at 125,03 from prior week’s 121,56 level.
At 118,95, the ZSE Top 10 Index was 4,10 percent above prior week on gains in the market’s top capitalised counters.
The industrials index rose 2,92 percent to close the week at 417,06 while the mining index was the only indicator to close in the negative after it gave away 2,68 percent to 191,3 points, extending its year to date losses to 15,99 percent.
Total market value advanced 2,5 percent to $16,5 billion buoyed by gains in the market’s top cap counters.
Headlining risers for the week was Zimplow which ticked 22,45 percent to 30 cents after reporting a 9 percent growth in revenue to $12,5 million from $11,5 million with the mix tilted towards more profitable local sales.
Underlying volumes of local implements were up 19 percent to 43 490 with exports down 48 percent to 23 610. Due to effective cost management net profits went up 41 percent to $4,1 million.
Diversified industrial conglomerate, Innscor jumped 13,33 percent to $1,49 while Meikles was up 12,9 percent to 52,5 cents.
Padenga jumped 10,06 percent to $1,04 from 95 cents in the previous week. The crocodile breeder is trading under a cautionary after announcing a proposed transaction that will see the firm diversify into an alternative export oriented business.
At 11 cents, clothing retailer, Edgars was 10 percent above prior week. Fintech group, Cassava put on 9,68 percent of value to close the week at $1,09 as it maintains its position as the second largest stock by market capitalisation after beverages giant, Delta.
Simbisa ticked up 9,23 percent to 71 cents while FML put on 7,59 percent to 13,18 cents.
Also on the upside were African Sun and Old Mutual that put on 6,67 percent to 16 cents and 3,38 percent to $8,27 respectively. Old Mutual has indicated it will cut its staff compliment by 10 percent on voluntary retrenchment scheme that should complete by end of this month.
Other gains were recorded in TSL and FMP that rose by 2,08 percent to61,25 cents and 1,35 percent to 6 cents in that order.
The market was not short of fallers. On the downside were Nampak that lost 14,65 percent to 30 cents from 35,15 cents the previous week.
Axia gave up 9,16 percent to 31,84 cents from 35,05 cents while property firm, Dawn fell 7,69 percent to 2,4 cents.
Nickel producer, Bindura eased 5,36 percent to close the week pegged at 6 cents dragging the resources index.
At 8,4 cents, Masimba wrapped up the week’s top five fallers after it let go of 2,33 percent of value from previous week’s 8,6 cents.
Also on the downside, the country’s biggest and only listed media group, Zimpapers eased 2,3 percent to 8,5 cents.
Art Corporation declined 2,17 percent to 2,9 cents while Ariston went down 1,02 percent to 2,9 cents. Other losses were recorded in Econet, which lost 0,79 percent to $1,09.
The telecoms giant commissioned a multi-million dollar 466 kilowatt (KW) solar power plant at its Willowvale industrial complex as it moves towards adopting clean and sustainable energy.
According to the diversified group, the solar power plant is the largest commercial and industrial car-port and roof mount installation of its kind to be deployed in the country.
Other losses were recorded in FCB which fell 0,6 percent to 5,01 cents while Delta was down by a marginal 0,01 percent to $2,27 and remaining the biggest counter by market capitalisation with a total value of $2,89 billion.
Maintaining prior week levels were Dairibord, Getbucks and Hippo that closed at 14,15 cents, 8 cents and $1,50 respectively.
Lafarge, National Foods, Proplastics and ZB also remained flat at $1,33, $5,60, 22,25 cents and 39 cents in that order.
During the week under review, PG Industries Zimbabwe, finally delisted from the bourse six years after suspension of trading in its shares, as it no longer met conditions for listing as per the local bourse’s requirements.
The ZSE also delisted Willdale’s preference shares following approvals from the regulator Securities and Exchanges Commission of Zimbabwe (SECZ).–ebusinessweekly.co.zw