EFE Securities •

3 weeks ago •

Weekly Reports

WEEKLY REPORT 20.09.2024

The ZSE market buttressed prior week’s gains, mainly anchored by the Mid Cap Index as its constituents experienced increased demand in the week under review. The All Share Index was 0.80% firmer at 259.05pts while, the segregated Industrials added 0.26% to end at 257.19pts. The Mid Cap Index recorded double digit gains as it surged 12.35% to close at 198.96pts while, the Blue-chip Index dropped 1.65% to settle at 279.69pts mainly weighed down by Ecocash, Delta, CBZ and Econet. Financial companies continued to report on their half year performances with, FBC recording a PAT of ZWG$631.24m which was 58% lower from prior comparable period. In the same vein, the banking outfit declared a dividend of US0.25cents per share.

The market recorded a positive breadth of thirteen as twenty counters advanced against seven that faltered. Banking group ZB led the gainers of the day as it charged 70.12% to close at a VWAP of $10.8380. The duo of First Mutual Properties and First Mutual Holdings Limited garnered 49.29% and 49.11% respectively to see the former close at $0.6875 and the latter at $4.2000. Brick manufacturer Willdale inched up 30.40% to $0.0522 while, FBC capped the day trading at $11.1671 following a 28.82% ascent. Packaging group Proplastics rose 20.53% to close at $2.2895 where demand could be found while, digital media group Zimpapers edged up 19.97% to $0.0632. Property concern Mashonaland Holdings gained 14.94% to $0.6925 while, cigarette manufacturer BAT ticked up 8.55% to $70.9000 as 5,300 shares traded in the counter. Retailer OK Zimbabwe fastened the top ten gainers’ list of the week as it eked out 7.60% to $0.9228.
Leading the laggards of the day was Ecocash that continued to lose ground week on week as it parred off 22.65% to $0.3950. Packaging group Nampak was 14.64% lower at $1.0413 while, beverages giant Delta plunged 8.57% to $18.5083 as selling pressure continued to grow in the counter. Banking group NMB trimmed 8.00% to $2.3000 despite releasing a good set of accounts in which they recorded a PAT of $71.49m. CBZ slipped 6.95% to $14.8762 while, Ecocash was 2.11% weaker at $4.9931. Logistics company Unifreight slid 1.75% to $2.8000 as it capped the worst performers of the week.