Bulls dominate equities market

Enacy Mapakame

Bulls have dominated the equities market spurred by increased activity in heavy cap counters although turnover weakened week-on-week.

During the week to November 8, all four indicators closed in the positive, rising by highest margins in the past six weeks on the back of increased demand and increased liquidity on the market.

The central bank’s injection of new coins and notes has improved liquidity levels in the market, while tightening screws on the foreign currency market.

The Reserve Bank of Zimbabwe has held six Treasury Bills auctions with the latest issued this week, since resumption of the auction system in August this year.

This has also seen more money finding its way on the equities market.

In the week under review, all the indices except for the resources indicator, added 3 percent of value each. The ZSE All Share, ZSE Industrials and the ZSE Top 10 indices closed pegged at 244,34 points, 813,7 points and 224,39 points respectively.

The Mining Index paced the fastest with a 20 percent jump to 333,3 points reversing losses incurred in the previous week, on the back of a 29 percent jump in Bindura.

Total turnover in the week, however, fell 35 percent $54,5 million compared to $83,49 m recorded in the previous comparable week.

Of this, insurance giant, Old Mutual emerged as the top value contributor trailed by Delta, Seed Co, Econet and Padenga in that order.

Old Mutual accounted for $16,3 million of total value traded in the week, while Delta and Seed Co contributed $7 million and $5,7 million respectively. In the week under review, Old Mutual announced that Sam Matsekete currently FCB managing director, will take over from Jonas Mushosho as the group’s chief executive officer with effect from January 01, 2020.

The duo of Econet and Padenga accounted for $3 million each.

Seed Co, CBZH, OK, Econet and Cassava were the top five volume drivers for the week in the order. Seed Co contributed 3,4 million shares to total volume while CBZH accounted for 3,06 million. The trio of OK, Econet and Cassava contributed over 2 million shares each.

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