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Shepco Group plans $2 million CAPEX

by Fungai Nyaungwa

The ZSE rebounded further during the week-ended April12, 2019 on moderate buyers’ aggression leading to a 1,74% uplift in total market capitalisation to $16,548,17 million.

The bulls dominated the bears, as all equity benchmarks ended the week in the black.

The All Share Index and the Top 10 Index recorded gains of 1,91% and 2,50% to close the week at 125,51 points and 119,08 points, respectively. The Industrial Index rose 1,93% to 418,65 points.

The Mining Index added 0,09% to close the week at 192,23 points, on the back of gains in RioZim Limited of 1,54%, which outweighed losses in Bindura Nickel Corporation of 4,10%.

Zimplow led the risers, with a 22,45% gain to $0.3000, albeit on thin volumes after releasing its audited results for the year-ended December 31, 2019, showing strong earnings growth. The company saw a 76% net income growth of $6,01million last year from a 25% revenue uplift to $48,7 million.

The Rainbow Tourism Group also recorded significant gains of 19,83% to $0,0290, up from $0,0242 on marginal trades amounting to $204,16. Significant losses were recorded in Nampak, which shaded14,03% to $0,3022, Dawn was down 7,69% to $0,0240 and Axia dipped 4,26% to $0,3350.

Activity was rather modest compared to the previous week, and was mainly centred on the heavyweights.

A total of 16 435 215 shares changed hands, with a 42,38% decline from the 28 525 476 shares traded during last week’s trading session. Total turnover was down 25,61% to $22 311 532, mainly driven by trades in Old Mutual contributing $11 018 415 or 49,38% of total turnover, followed by Delta Corporation which contributed 22,38% and Innscor Africa Limited, accounting for 8,36% of total trades.

Last week, the ZSE recorded turnover of $29 994 220. Foreign activity accounted for 70,59% of total market activity with net buys in Old Mutual. Total purchases by foreigners were $15 750 042 against sales of $3,566,452. Among the heavyweights, Delta, which started off the week at a price of $2,2702, added 0,48% to close at $2,2810. A total of 2 199 701 shares traded in Delta this week, resulting in a turnover of $4 994 051.

Innscor and Cassava remained firm, gaining 12,41% and 2,34%, respectively.

The two closed at $1 5056 and $1 0890, respectively. Old Mutual closed the week 2,84%, higher at $8 2273, with 1 333 895 shares trading hands.

The Old Mutual implied rate remained fairly stable at 5,0615. Year-to-date, the market is trading in negative territory, with losses of 14,18% in the All Share Index.

The week ahead is a short one, and not much activity is expected as money managers take a break over the holidays.

Source :

newsday

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