EFE Securities •

9 months ago •

Weekly Reports

WEEKLY REPORT 02.02.2024

The ZSE closed the week in the black as bulls raged on the market, with the benchmark All Share Index putting on 35.90% for the week to close at 584,266.23pts. Driving the market gains was a bullish run in the heavies that spurred the Top Ten Index to a 35.54% rise to close pegged at 261,619.92pts. Meanwhile, the Industrial Index gained 36.09% week on week to 1,885,501.42pts as the Mid Cap Index garnered a 35.62% increase to settle at and an all-time high of 2,043,762.44pts. Elsewhere, TSL group achieved a 159% inflation-adjusted revenue growth to ZWL$172bn and an 89% operating profit growth compared to the prior year. However, the group went on to announce that they will change their functional currency to USD for FY24.

Leading the gains of the week was General Beltings which ballooned 315.62% to close the week at $150.0000 with retailer OKZIM following on a 101.09% to settle at $628.7000, where supply could be found. National Tyre Services rose 100% to close at $140.0000 while, agriculture concern Ariston added 97.90% to end and $92.7181. Turnall was 97.89% higher at $94.0000 while, Ecocash ticked up 78.86% to $697.4992 on firming demand. NMB continued with its glitter after ticking up a further 74.89% to settle at $1,963.1000 while, ZB Financial Holdings resurged 74.72% to see it closing higher at $2,079.1250. Seed producer SeedCo Limited was 74.36% firmer at $3,978.7084, having   traded a high of $4,010.0000 in the last session of the week. CBZ completed the top ten winners list of the week as it went up 53.33% to close at $9,200.0000.

Overall, twenty-five counters rose against two that faltered leaving the market with a wide positive breadth of twenty-three. Leading the losers pack of the week was the minor RioZim that succumbed 12.78% to settle at $900.0000 where demand could be found with Star Africa on weakening demand.