EFE Securities •
4 months ago •
Weekly Reports
WEEKLY REVIEW 06.09.2024
The ZSE market recorded marginal gains in the week under review as three of the four indices we review closed pointing northwards. The All-Share Index rose by a negligible 0.03% to close at 200.54pts while, the Industrial Index was 0.02% up at 200.17pts. The Blue-Chip Index was 0.85% firmer at 209.29pts, mainly anchored by gains in Ecocash and Econet while, on the contrary the Mid Cap Index was the only loser amongst the indices as it dropped 2.69% to end pegged at 166.99pts. Elsewhere, financial services CBZ released its HY24 results in which the group reported a profit for the period of ZWG$656.29m.
Ecocash Holdings headlined the gainers of the week on a 58.58% rise to close at $0.7667, post the release of a notice to advise shareholders on a scheme of reconstruction, which recently obtained exchange control approval. Ecocash shareholders will be given 0.067807 Econet shares for one EcoCash share held and cash equivalent to 0.067807 Econet shares for one EcoCash share held. Packaging group Nampak surged 20.50% week on week to close at $1.2050 as ART Corporation charged 20.00% to end at $0.3000. Retailer OKZIM put on 16.40% to settle at $0.8493 while, Star Africa soared 10.00% to $0.0110 as General Beltings grew 9.09% to end the week at $0.0600. Telecoms giant Econet edged up 6% to $3.7334 while, RTG shored up 3.82% to $0.4568. Banking group FBC hopped 3.64% to $5.7000 as FMP capped the top ten winners of the week on a 2.94% rise which took it to $0.3500.
Zimpapers was the worst faller of the week after dropping 54.23% to $0.0460, followed by Proplastics that dipped 26.72% to $1.9785. The duo of banking groups in NMB and CBZ tumbled 23.42% and 19.33% to $2.2975 and $10.0015 apiece. Dairibord retreated 14.25% to settle at $2.7011 as SeedCo Limited trimmed 9.03% to $3.5000. TSL shed 6.67% to $2.8000 with BAT closing 4.44% lower at $43.0000. Sugar processor Hippo came off 4.43% to $7.4735 while, tea company Tanganda capped the top ten laggards of the week on a 4.38% loss to $3.6091.