ZSE equities rebound as big cap counters lead bulls charge

30 Sep, 2022 - 00:09 0 Views
ZSE equities rebound  as big cap counters lead bulls charge At 29 499 points, the ZSE Medium Cap index was 17 percent above prior week while the Small Cap index also traded in the positive after posting a 9 percent increase to 489 213 points

The Herald

Enacy Mapakame

Business Reporter

 Zimbabwe Stock Exchange (ZSE) equities rebounded during the week to Wednesday as bulls charged led by big cap counters with the primary indicator, the ZSE All Share Index jumping 48 percent to 15 023 points from 10 143 points in the previous week.

The ZSE Top 10 Index advanced 65 percent to 9 303 points while the ZSE Top 15 Index added 61 percent to 10 240 points.

At 29 499 points, the Medium Cap index was 17 percent above prior week while the Small Cap index also trod in the positive after posting a 9 percent increase to 489 213 points.

The ZSE total market value advanced 49 percent to $1,8 trillion, reflecting the gains recorded across board.

EcoCash headlined the risers as it doubled to $60,11 from $30 recorded in the prior week followed by Seed Co, which put on 94 percent to $113,01.

Diversified conglomerate Innscor jumped 90 percent to $309,37 ahead of the release of its 2022 financial results release.

Beverages giant Delta rose 84 percent to $256,20 while Econet wrapped the week’s top five risers for the week with an 82 percent increase to $118,45.

Other significant gains were seen in Simbisa, which put on 76 percent to $170,33 as the fast food group reported a solid performance for the full year to June 30, 2022, exceeding pre-Covid 19 performances.  

Customer counts grew 28,6 percent versus the prior year, driven by continued investment in new store rollouts and successful marketing and promotional initiatives in the review period. As a result, group revenue grew 76 percent to $72,9 billion amid a challenging operating landscape.

Also on the upside was Axia, which rose 70 percent to close the week at $48,83. The group reported revenue of $75,534 billion during the year to June 30, 2022, representing a 32 percent jump compared to the comparable period last year. The revenue growth filtered into gross margin which increased by 92 percent in the prior period.

The market was not short of fallers as TSL gave up 7 percent to $40,50 followed by Zimplow, which closed 4 percent lower to $14,03.

Spirits and wines maker – Afdis completed the fallers for the week with a marginal decline of 0,01 percent to $299,95.

CFI, Lafarge and NTS remained unchanged at $420, $86 and $13, respectively. 

Also maintaining prior week levels was Zimpapers, which closed at $3,40. The media group’s revenue for the half-year to June 30, 2022 rose 68 percent to $5,2 billion. Newspaper revenue jumped 67 percent to $3,5 billion while the broadcasting division and the commercial divisions revenues jumped 75 percent to $973 million and 58 percent to $764,9 million, respectively.

Trades on the ETFs were largely positive in the week. 

The Old Mutual ZSE Top 10 ETF jumped 30 percent to $5,20 followed by Datvest, which added 17 percent to $1,60.  Morgan and Co’s Made in Zim rose 7 percent to $1,30 while the Morgan and Co Multisector added a marginal 0,16 percent to settle at $28,50.

The Cass Saddle Agric ETF was the only one to close pointing downwards with a 10 percent decline to $1,80.

Elsewhere, the VFEX will welcome its fifth listing – Simbisa, which will delist from the ZSE.

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