The financial services sector was doubtless the main stay of the with some solid performances flowing through despite the recapitalisation issues that seem to have been over played to the gallery over the period covered by the reported results.
Although the market traded thin for most of the week 54 stocks recorded price movements with the gainers count standing at 30 while the fallers count came in at 24.
Financial services firm TN Financial Holdings Limited (TN) maintained a steady charge throughout the week closing 38,7 percent up at 2,51c their 52 week high.
The stock market that had accustomed to some dull financials welcomed CBZ Financial Holdings Limited (CBZ), Barclays Bank Zimbabwe Limited (Barclays), ZB Financial Holdings Limited, and First Bank Financial Holdings Limited (FBCH) results with a cheer to see the them close +4,9 percent, +8,33 percent, +10,52 percent and 10,9 percent up at 15c, 6,5c, 8,51c and 11c, respectively.
Cigarette manufacturers British American Tobacco (BAT) Zimbabwe Limited (BAT) seems to have successfully weathered the storm of emerging competition in the market to post an interim Earnings Per Share (EPS) of $0,11 and even had the audacity to declare an interim dividend of $0,10 representing a 90,9 percent payout saw their price renaissance steadily progress over the week to hit 145c by close of call on Friday with a firm bid at that level and a distant offer at 180c.
TA Holdings Limited (TA) posted a positive interim set of results buoyed by recovery in the insurance and hotelier businesses and with it generated some excitement in the market that saw the group put on +15,38 percent at 15c. The market was, however, sympathetic to Rio Zimbabwe Limited (RioZim) as the group put on 12,5 percent to close at 90c after releasing their results that reflected a recovery in operations only to be affected by high finance costs to close in an interim loss position.
AICO Limited whose management advised that they expected improved profitability across all units saw their price firm +1,96 percent to 26c, while Econet Wireless Zimbabwe Holdings Limited (Econet) was up by a cumulative +0,95 percent for the week at close of call on Friday.
Market Heavy weight Delta Corporation Limited (Delta) were the most notable faller for the week after shedding a -0,27 percent for the week as selling pressure mounted on the beverages group.
A late surge in cable manufacturers Cafca Limited following the release of their interim results that reflected a basic EPS of 2,31c could not suffice to pull the group out of the red as the it closed the week down by a cumulative -6,25 percent at 60c.
ABC Financial Holdings Limited continued to shy away from the 100c mark retreating -5,26 percent to 90c. Pharmaceutical group Caps Holdings Limited that are set to delist from the Zimbabwe Stock Exchange (ZSE) were the market’s worst performer shedding -35 percent to 0,26c.
The stock market continued to trade thin over the week only Monday’s and Friday’s trades exceeding the $1 million mark as foreigners took a back seat in the wake of mounting indigenisation fears.
Total value traded for the week closed at $6,2 million from a total of 59,7 million shares that were traded over the week. Market favourites for the week included AICO, OK Zimbabwe Limited (OK), Hippo Valley Estates Limited (Hippo), SeedCo Limited, and Delta that dominated either the volume trade charts or the value traded charts.
Post published in: Business