Total market value jumps 6,2pc

Source: Total market value jumps 6,2pc | The Herald 20 SEP, 2019

Enacy Mapakame
A bullish sentiment prevailed on the Zimbabwe Stock Exchange (ZSE), leaving the bourse with three of its indices in the positive. In the week to yesterday, the primary indicator was 6,28 percent above prior week to close pegged at 173,52 points.

The ZSE Top 10 Index paced the fastest after gaining 8,19 percent to 156,81 points subsequently swinging back into year to date gains of 8,13 percent.

At 577,74 points, the Industrials Index was 6,37 percent to 577,74 points from prior week’s 543,13 points.

The Mining Index of two active counters remained flat at 162,5 points. Indications from one of the suspended counters, Falgold, are that it can now start applying to the local bourse for its shares to resume trading after publishing half year financials to March 2019.

Falgold was suspended from trading on February 5, 2019.

Total market value jumped 6,2 percent to $22,6 billion sustained by gains recorded across the board.

During the week under review, the Zimbabwe National Statistics Agency Zimstats, released figures showing month on month inflation for August slowed again to 18,07 percent after shedding 2,97 percentage points on July’s 21,04 percent as prices of clothing and footwear, meat and vegetables rose at a much slower pace than prior month.

On the contrary, prices of electricity, telephone services and bread rose at a much faster rate than in July.

Headlining risers for the week were largest financial services group, Old Mutual, which put on 43,63 percent to $28,10.

The diversified group’s revenue for the half year to June 30, 2019 jumped 741 percent to $2,4 billion from $290,7 million previously, but emphasised that the current interims have been prepared on a historical cost basis.

Agriculture concern, Ariston was 19,9 percent above prior week to close pegged at 9,4 cents while insurance firm, FML closed settled at 25 cents, representing a 19,05 percent growth on prior week.

At 68,59 cents, Simbisa was 18,26 percent firmer while hospitality group, African Sun, wrapped up the top five risers with a 15,94 percent increase to 40 cents.

MedTech and Meikles rose 14 percent each to $1,30 and 0,4 cents respectively while Padenga ticked 9,78 percent to $1,64.

Other gains were recorded in Turnall that put on 7 percent to 7,72 cents while market’s biggest stock by capitalisation, Delta, went up 6,93 percent to $3,10.

Econet rose 2,77 to $1,22 while Cassava gained 2,68 percent to $1,22.

The Fintech group’s payment platform, EcoCash, has suspended over 4 000 of its agents on allegations of participating in the now rampant trend of charging excessive premiums for customers intending to cash on their mobile money.

The market was, however, not short of fallers. Afdis fell the heaviest after easing 11,11 percent to $1,60.

The spirits and wines making firm indicated it has secured US$22,5 million from the Reserve Bank of Zimbabwe to facilitate payment to one of the company’s major foreign suppliers.