Rising demand pushes the ZSE

Rising demand pushes the ZSE
Published: 16 June 2019 (2654 Views)
The Zimbabwe Stock Exchange (ZSE) climbed significantly during the week ended June 14 2019, on rising demand across the board. The market recorded gains for the 12th week in a row. All equity gauges traded in the positive: the All Share Index and the Industrial Index advanced a further 9.07% and 9.12% to close the week at 206.79 points and 690.67 points respectively.

The Top 10 Index was up 10.99% to 201.69 points while mining counters gained 3.11% to settle at 248.51 points, a year-on-year high, after a strengthening in the price of Bindura Nickel Corporation by 9.45%. Year to date, the ZSE is up 41.40% as measured by the All Share Index.

Double-digit gains were recorded in 13 counters last week. Edgars Stores Limited led the risers with a 21.78% gain, followed by MedTech Holdings, up 21.43%. Another significant gain was seen in Padenga Holdings which recorded gains of 20.77% to close at $2.1135. Padenga management last week announced that they are putting final touches to an acquisition of an exporting company which is expected to generate value for shareholders. No losses were recorded during the week.

Activity on the local bourse was rather subdued this week. Volumes activity was spread out across a number of counters, but was largely dominated by trades in Zimre Property Investments which contributed 13.62% of total volumes. A total of 31,859,330 shares changed hands during this week's trading session, a 56.86% decline from the 73,855,545 shares traded last week.

Total turnover at $36,216,222 was a 48.08% decline from last week. Turnover was largely driven by activity in Old Mutual which contributed 32.76%, followed by Delta Corporation (19.26%) and SeedCo Limited (12.42%).

Among the heavyweights, Delta Corporation gained 1.58% this week to close at a price of $3.6550, with a total of 1,929,100 shares worth $6,973,647 being traded. The share prices of Cassava Smartech and Econet Wireless Zimbabwe advanced 20.08% and 20.05% to close at $2.0428 and $2.0405 respectively. Innscor Africa ended the week 4.47% higher at $2.3631. Fungible counter Old Mutual strengthened 6.79% to $14.4169, while another fungible counter PPC Limited edged up 3.09% to $2.3479. The Old Mutual Implied Rate (OMIR) closed the week at 9.4465, lower than the 10.0053 recorded last week.

Demand is expected to persist in the coming week, especially in the top-tier and mid-cap counters. But in the absence of sellers, this is expected to push prices up. As such, we expect the market to trade higher in the coming week on subdued volumes.


- Akribos Research

Tags: ZSE, Demand, ZSE,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

BREAKING: MIssing Zimbabwe doctor found alive

by Staff Reporter | 19 September 2019 | 324 Views

Matebeleland livestock situation dire

by Staff reporter | 19 September 2019 | 101 Views

'Blanket ban on demos, unconstitutional'

by Staff reporter | 19 September 2019 | 127 Views

Grace Mugabe to make a graceful exit from politics?

by Mandla Tshuma | 19 September 2019 | 209 Views

Bulawayo resumes 48-hour water-shedding regime

by BCC | 19 September 2019 | 115 Views

Mnangagwa's advisors clash over EcoCash

by Staff reporter | 19 September 2019 | 150 Views

Harare gets financial lifeline, what about Bulawayo Prpf Mthuli Ncube

by Staff reporter | 19 September 2019 | 107 Views

NRZ to bring 100,000 tons of maize from Tanzania

by Bloomberg | 19 September 2019 | 90 Views

Zimbabwe to set up billion dollar oil, gas refinery

by Staff reporter | 19 September 2019 | 120 Views

#BringBackDrPeter

by Kubatana | 19 September 2019 | 71 Views

6 traditional questions stalling Mugabe's burial

by AFP | 19 September 2019 | 108 Views

China keen to invest in solar power in Zimbabwe

by Staff reporter | 19 September 2019 | 99 Views

Shawasha Business Complex construction hits a snag

by Staff reporter | 19 September 2019 | 127 Views

Chamisa lines up anti-Mnangagwa protests in New York

by Staff reporter | 19 September 2019 | 123 Views

Zimbabwe needs urgent Cabinet reshuffle

by Justice Zivai Mukupe | 19 September 2019 | 138 Views

Chitembwe's Harare City fail to stop the Green Machine

by Staff reporter | 19 September 2019 | 133 Views

Zimbabwean queen wins Miss Tourism Global crown

by Staff reporter | 19 September 2019 | 87 Views

Mujuru's estate sues tenant

by Staff reporter | 19 September 2019 | 84 Views

Man murders girlfriend, stabs friend

by Staff reporter | 19 September 2019 | 74 Views

Mugabe was a complex man, said Bona

by ZimLive | 19 September 2019 | 92 Views

2 women fined for illegal possession of a gun

by Staff reporter | 19 September 2019 | 72 Views

Highlanders Football Club and Ndebele identity amongst fans in Zimbabwe

by Tobias Guzura & Jefferson Ndimande | 19 September 2019 | 83 Views

Doctors march to parliament

by Reuters | 19 September 2019 | 87 Views

Janet Manyowa arrives ahead of Friends in Christ gospel extravaganza

by Tidi Kwidini | 19 September 2019 | 68 Views

MDC conspiracy exposed

by Claver Nyuki | 19 September 2019 | 107 Views

Of illegal sanctions and global politics

by Peacemaker Zano | 19 September 2019 | 80 Views

WATCH: Bona's moving tribute to Mugabe

by Staff reporter | 19 September 2019 | 87 Views

Nomadic Dutch coach for Bosso

by Staff reporter | 19 September 2019 | 65 Views

Chamisa's MDC takes police head-on

by Staff reporter | 19 September 2019 | 88 Views

Cyclone Idai food donations rotting in warehouses

by Staff reporter | 19 September 2019 | 66 Views

High Court allows doctors' march

by Staff reporter | 19 September 2019 | 68 Views

Speaking ill of the dead? The uncertain legacy of Robert Mugabe

by Tinashe Nyamunda | 19 September 2019 | 73 Views

When a government starts abducting its own doctors…

by Knowledge Hakata | 19 September 2019 | 130 Views

Magombeyi's abduction requires a firm 'Jamal Khashoggi-style' solidarity response

by Tendai Ruben Mbofana | 19 September 2019 | 147 Views

Linda Masarira on Peters Magombeyi's disappearance

by L D Mungwari | 19 September 2019 | 172 Views

Zanu-PF commends ANC for memorial

by Staff reporter | 19 September 2019 | 112 Views

Mavhunga's family shuns Heroes Acre

by Staff reporter | 19 September 2019 | 162 Views

Zivhu defies party directive

by Staff reporter | 19 September 2019 | 181 Views