Notwithstanding a shorter comparative trading week owing to the public holidays the value of trades for the week surged 111 percent to $8,1 million, representing average daily turnover of $1,6 million with trades largely being confined to a selected few stocks on the Market.
The top five counters accounted for an estimated 68 percent ($5,5 million) of the total turnover for the week with beverages giant Delta Corporation Limited (Delta) emerging market’s most liquid stock for the week after 2 646 948 units of the stock exchanged hands over the week in trades worth $2,9 million which was an estimated 36 percent of the total value traded in the week.
Other notable value trades were recorder mid cap stock OK Zimbabwe Limited (OK), Tobacco Sales Limited (TSL) and Murray & Roberts (Zimbabwe) Limited (M&R) whose weekly contributions to total turnover were estimated at 12 percent, 8 percent and 6 percent, respectively.
Locals remained the major drivers of volumes and values on the market as foreign participants remained sidelines while an analysis of the their participation showed that they are generally net sellers at the moment closing in an estimated net outflow position of $1,2 million
Forty stocks closed the week changed price wise with the fallers count of 23 stocks exceeding the gainers count of 17 stocks. Insurance group AFRE Limited led the fallers for the week after tumbling 37,5 percent to 3,5c in the wake of their interim results that reflected a loss attributable to shareholders of $2,4 million.
Following were the duo of struggling market lightweights African Sun Limited and Celsys Limited whose shares were trading at 0,8c and 0,04c, respectively, after shedding an identical 20 percent.
Construction and allied industry products manufacturers Plate Glass Industries (PGI) closed the week 14,3 percent softer at 3c while the aftershocks of the lower than expected financials from Dairibord Holdings Zimbabwe Limited (DHZL) saw the dairy products manufacturer continue to fade its glitter dropping a cumulative 14 percent to 21,5c by close of week.
Notable heavyweight losses were seen in telecommmunications giant Econet Wireless Holdings Zimbabwe Limited (Econet) that closed the week down -5,2 percent at new 52 week low of 417,01c and the wealthy Meikles Africa Limited (MAL) that succumbed to selling pressure to shed -10,34 percent to also set a new 52-week low of 26c.
Mitigating the market losses were gains in conglomerates Barclays Bank Zimbabwe Limited and BAT Zimbabwe Limited two of the foreign-owned companies that are reported to have been given a two week ultimatum to produce acceptable indigenisation and empowerment compliance proposals by government.
BAT was up by a cumulative 26 percent for the week at 110c while Barclays put on +5,08 percent to 6c.
Reignited interest in banking group FBC Financial Holdings Limited ahead of their interim results expected next week saw them push +8,02 percent to 7c.
Food Manufacturing Consumer Group conglomerates AICO Limited and Innscor Corporation Limited maintained a steady upward momentum this week putting on +2 percent and +1,59 percent to 25.,5c and 65c, respectively.
Leading the market gains, however, was food processing and packaging group Cairns Holdings Limited that was up 33 percent at 2c with Astra Holdings Limited following after garnering 27,7 percent to close the week at a new 52 week high of 6c.
The resources index closed above the main stream industrial index for the first time since June 7 after a cumulative weekly gain of +0,17 percent in Hwange Colliery Company Limited (HCCL) to 60,10c outweighed a -2,17 percent loss in Rio Zimbabwe Limited (RioZim) to 90c.
The rest of the minin stocks were mainly unchange during the period under review.
Post published in: Business Analysis