Enacy Mapakame Business Reporter
Losses in the market’s top capitalised counters weighed down the Zimbabwe Stock Exchange (ZSE) reversing gains achieved in the prior week resulting in three of the benchmark indices closing the week pointing southwards.
In the week to Wednesday, the primary indicator, the ZSE All Share Index gave up 3,79 percent to close settled at 233,72 points as the market see-sawed in the week.
The Industrials Index retreated 3,88 percent to close pegged at 778,25 points from 809,67 points in the comparable week.
The market’s most watched counters grouping, the ZSE Top 10 Index, fell the hardest after letting go of 5,73 percent to 219,76 points.
At 325,75 points, the Mining Index of four active counters, was the only indicator to record gains with a 2,52 percent jump on the back of gains in Bindura.
Total market value went down 4,16 percent to $30 billion from $30 billion recorded in the prior week.
The market was weighed down by losses in insurance firm, FML that eased 34 percent to 21 cents followed by retail giant, OK Zimbabwe that lost 19 percent to 56,53 cents.
At $2, regional seed producer, Seedco, was 17 percent below prior week’s $2,43. Cassava also eased by 17 percent to $1,65. The fintech group had a busy week after launching the Vaya tractor services to add to its Eco-farmer portfolio, a platform that will see farmers accessing tractor services through a mobile phone application. Prior that, RBZ had banned all cash in and cash out transactions on the firm’s mobile money platform- Ecocash.
The central bank, however, later gave the green light for cash-out transactions on mobile money platforms, but capped it at $100 to minimise abuse.
Property firm, Mashonaland Holdings ,eased 16,55 percent to 5,8 cents wrapping the week’s top five fallers.
At $29,97, insurance giant, Old Mutual was 14 percent below prior week’s $35. Other losses were also recorded in NMB, which backtracked 10 percent to 40 cents while telecoms giant, Econet fell 9 percent to $1,88.
Biggest company by market capitalisation, Delta decreased 7 percent to $3,97.
The market was, however, not short of gainers.
Insurance firm, Zimre Holdings Limited, headlined the risers for the week with a 72 percent gain to close pegged at 7,12 cents followed by brick making firm, Willdale that rose 49 percent to 4,47 cents.
At 42 cents, Dairibord was 35 percent above prior week’s 31 cents while Proplastics advanced 30 percent to 75 cents.
Diversified industrial giant, Innscor put on 28 percent to $3,11, wrapping up the week’s top five gainers after the firm reported a surge in profitability for the year to June 30, 2019 on good product mix and volume growth.
According to Innscor, an improved product mix, good strategic raw material positions, and well-controlled overheads combined with volume growth and replacement pricing policies gave rise to an operating profit of $258 million, which represented a 234 percent growth over prior year.
Other significant gains were recorded in MedTech, which ticked 25 percent to 0,5 cents while spirits and wines maker, Afdis, Art and Star Africa, each advanced 20 percent to $1,98, 12,6 cents and 2,52 cents respectively.
Crocodile breeder, Padenga put on 17 percent to $2,72. Masimba and Edgars rose 19 percent to 14,45 cents and 18 percent to 18,25 cents respectively.
On the resources side, Bindura rose 5 percent to 19,01 cents. Peers, Falgold and RioZim remained flat at 2,5 cents and $2,18 respectively.
Zimpapers, TSL and Powerspeed also remained flat at 9,6 cents, 74 cents and 28 cents respectively. Also maintaining prior week levels were NTS, Lafarge and GetBucks that closed the week at 2,15 cents, $1,71 and 12 cents in that order.
Insurance firm, Fidelity also remained unchanged after reporting a 143 percent jump in revenue to $62,5 million for the half year to 30 June 2019 compared to $25,8 million achieved over the same period in 2018 on the back of improvements in fair-value gains on both property and equity portfolios.