By Fungai Nyaungwa
The Zimbabwe Stock Exchange (ZSE) booked marginal gains during the week ended June 7, 2019. The Top 10 Index was the only equity benchmark in the red: The All Share Index and the Industrial Index inched up 0.81% and 0.71% to end the week at 189.60points and 632.94points respectively.
The Top 10 Index eased 0.69% to 181.73 points as heavyweights have started to retreat. Mining counters were 6.73% higher at 241.02 points, on the back of gains in RioZim Limited and Bindura Nickel Corporation, of 8.11% and 4.69% respectively. Year to date, the ZSE is up 29.65% as measured by the All Share Index.
Willdale Limited led the risers with a 27.27% gain, followed by National Tyre Service, up 20.11% and Ariston Holdings, up 20.00%. The week’s top losses were seen in Star Africa Corporation, down 9.50%, African Sun Limited, down 6.93% and First Capital Bank Limited, down 3.61%.
Volumes activity was mainly dominated by financial services counters CBZ Holdings and FBC Holdings which together contributed 65.77% to total volumes. A total of 73,855,545 shares changed hands during this week’s trading session, a 130.12% increase from last week’s 32,094,448 shares.
Total turnover at $69,704,482 was a 63.50% improvement from last week. Turnover was largely driven by trades in CBZ Holdings which contributed 23.76% to total turnover, followed by Delta Corporation (21.23%) and Old Mutual (12.64%).
Among the heavyweights, Delta Corporation shed 0.35% this week to close at $3.5980, with a total of 4,093,900 shares worth $14,799,535 being traded. The share prices of Econet Wireless Zimbabwe and Cassava Smartech retreated 2.87% and 3.16% respectively while Innscor Africa advanced 7.11%.
Fungible counter Old Mutual weakened 3.52% to $13.50, while another fungible counter PPC Limited, strengthened 19.94% to close the week at $2.2775. The Old Mutual Implied Rate (OMIR) closed the week at 10.0053, up significantly from 7.8604 last week. A mild softening in the heavyweights is likely to persist this week, but we still anticipate demand in the midcaps.
Akribos Research