Golden Sibanda, Harare Bureau
THE Zimbabwe Stock Exchange (ZSE) market capitalisation jumped 32,15 percent last week to a post dollarisation high of $43,27 billion, as the persistent bullish sentiment maintained strong demand for shares across the board.
Zimbabwe’s only listed as well as the country’s largest media group, Zimbabwe Newspapers Group (Zimpapers), was among the top performers after the diversified firm saw its stock pile on a weighty 35 percent.
As such, the ZSE All Share Index raced past the 300 points mark and closed the week at 332,05 points, its all-time high, after the cumulative gains of 32,15 percent over the week.
This meant the benchmark index closed the month 44,32 percent higher as the market underlined its recent surge, unbroken since the second week of January 2020. Year to date, the ZSE has added about 44,69 percent.
The ZSE’s main Industrial Index would not to be out shone after it added 32,62 percent and closed at 1 109,41 points, as it breached the 1 000 points mark for the first time and ended the week up and 44,77 percent firmer.
The top capitalised stocks led the market charge as the Top Ten Index went up 41,24 percent and closed at 312,21 points with a year to date return of 54,04 percent.
Stocks remain the darling of many an investor in Zimbabwe given the negative returns on the money market, in view of high inflation and limited investment options, as they can provide the necessary hedge.
“Forty-nine counters saw movements over the week with 44 posting gains against a mere five fallers to underline the bullish sentiment on the bourse.
“Most of the counters set new highs as sustained demand against constrained supply pushed prices higher to entice sellers,” equities firm EFE Securities noted.
Padenga led the market charge with a cumulative 68,40 percent surge for the week under review to land at $4,15. Fintech group Cassava followed on a 63,72 percent jump to $2,54 as Simbisa firmed 47,47 percent to close at $2,1098. Beverages giant Delta, which registered a 12 percent revenue jump despite a volumes drop that cut across segments, put on 44,53 percent and closed at $5,06 while, Econet firmed 44,51 percent as it closed at $2,42.
Zimplow was up 43,16 percent at $1,10 as integrated media group Zimpapers went up 35,59 percent to close the week at $0,32. Financial services group FBCH climbed 35,24 percent to $0,91, while insurance group First Mutual Holdings was 35 percent firmer as it ended the week at $0,4320. Completing the top 10 gainers of the week was retail giant OK Zim that added 34,01 percent and ended at $1,13.