The telecommunications giant, whose fortunes on the bourse nosedived early in the month to trade at lows of 379c, rewrote the recovery script putting on +5,54 percent week-on-week to 400c ahead of the anticipated full year results presentation by the wealthy Group.
Heavily weighing on the market were losses in heavy cap stocks Delta Corporation Limited (Delta), Innscor Corporation Limited, Hippo Valley Estates Limited (Hippo) and CBZ Financial Holdings Limited (CBZ).
The Food and Manufacturing Consumer Group (FMCG) conglomerate Innscor traded -5,74 percent softer by close of call Friday at 66c as the prior week surge in the wake of their full year results proved to have been yet another false start.
Delta succumbed to selling pressure shedding -3,23 percent to close the week at 75c with a sizable sell off sailing through the market for a parcel of 1,1 million units in Friday’s call.
Hippo and CBZ were down -3,90 percent and -6,37 percent at 96c and 15c as liquidity in the market continued to affect trades on the bourse.
The market’s worst performers were led by miners Rio Zimbabwe Limited (RioZim) that continues to be haunted by investors fears of their debts which saw the group close the week down 29,4 percent at an all time low of 60,01c.
Likewise Bindura Nickel Corporation Limited (Bindura) was down 20,2 percent at 3,99c and with it the resources index tumbled -5,33 percent to 147.36 points other stocks to lose in the market included National Tyre Services Limited (NTS) that came off -29,38 percent and closed the week at 3,10c.
Lafarge Limited’s woes following a dull interim set of results worsened the week as the cement manufacturer dropped to a 52-week low of 70c, having lost 12,5 percent (10c).
Among the counters mitigating the losses were agro industrial concern Chemco Holdings Limited (Chemco) that peaked at 18c mid-week and closed the week at 16,5c, representing a cumulative 65 percent gain week -on-week.
Padenga Holdings Limited buoyed by a solid full year set of results with an Earnings Per Share (EPS) of 0,68c and sweetener of a 0,166c per share dividend rallied 37 percent in the last two trading sessions of the month closing at 6,2c.
Cigarette manufacturer, British American Tobacco Zimbabwe Limited (BAT) eventually got the market’s nod for its 10c per share interim dividend (91 percent payout) though late in coming as late demand in the cigarette manufacturer took them to 190c having rallied 31 percent.
Activity on the bourse was fairly improved over the week punctuated by big in a few stocks the pick of them being a special bargain in Meikles Africa Limited (MAL) of 9,2 million units of the stock at a peak price of 32,5c in a trade worth $3 million to make the diversified group the most liquid stock on the bourse for the week.
Foreign participation that had turned largely net sellers in the past few weeks witnessed resurgent demand closing the week hugely net buyers.
Post published in: Business