EFE Securities •
7 months ago •
Weekly Reports
WEEKLY REPORT 17.05.2024
The ZSE market rebounded in the week under review, mainly anchored by heavy and mid counters that recovered from prior week’s losses. The All-Share Index was 0.68% up at 94.65pts while, the segregated Industrials rose 0.69% to end pegged at 94.45pts. The Heavy cap Index added 1.06% to 92.76pts buoyed by gains in SeedCo, Hippo and CBZ. The Mid Cap Index was the major gainer amongst the Indices we review as it notched up 2.48% to end trading at 97.63pts. Elsewhere, top capitalised stock Delta released outstanding set of results in which they reported a PAT of US$100.54m and declared a final dividend of US$0.02. The performance was mainly anchored by good volume performance as all the major business lines recorded high volume runs throughout the year.
Seed technology group SeedCo Limited led the best performers of the day as it edged up 19.77% to $1.6768 while, banking group NMB inched up 14.97% to $1.6590 as scrappy 400 shares exchanged hands during the week. Insurer FML advanced 12.80% to close at $1.8500 following news that it is withdrawing its High Court challenge against the Insurance and Pensions Commission (IPEC)'s corrective order, opting for an out-of-court settlement. Property concern FMP was 6.15% higher at $0.2760 while, retail group Meikles added 4.86% to $2.3068. Spirits and wines producer Afdis was 2.97% firmer at $2.2500 post the release of FY24 results in which they reported a PAT of $7.63m. Tea producer Tanganda was 2.92% up at $1.8525 while, hotelier RTG garnered 1.19% to end at $0.2125. Sugar producer Hippo added 1.13% to $3.5395 while, CBZ eked out negligible gains of 0.11% to settle at $3.6038 as it fastened the top ten gainers list of the week.
The market recorded a negative breadth in the week under review as thirteen counters faltered against twelve that rose while, six sailed stable. Brick manufacturer Willdale plunged 34.38% to $0.0263 while, sugar processor Star Africa retreated 16.10% to $0.0082. Packaging company Proplastics was 15.00% lower at $0.3825 while, life assurer Fidelity reversed prior week’s gains as it parred off 12.12% to $0.5800. Retailer Ok Zimbabwe slumped 7.27% to $0.4998 while, property company Mashonaland lost 5.77% to settle at a VWAP of $0.1307. Cigarette producer BAT was 3.85% higher at $24.9995 while, telecommunications company Econet shed 1.85% to $1.2612. Ecocash followed suit as it dropped 1.66% to $0.2112.