ZSE recovers but remains in month to date losses

Author Name
Tinashe W Duma
Stock Market 2 weeks ago
  • The ZSE recovered in the 3rd week of the month, a similar trend in the prior month.
  • The recovery follows a weak performance in the first half of the month.
  • The mainstream All Share Index surged by 5.15% to close at a 3-week high of 4444.19 points, leveraging on rejuvenated demand in market heavies.
  • Gains posted in the week were insufficient to reverse the month to date loss on record, as down-sliding small caps weigh on sentiment.
  • In March, the bourse opened weaker and extended the streak through the first 2 weeks before halting and recovering in the last half of the month. This was due to investors taking out profits in the first part of the month.
  • The trend has been replicating in recent ZSE trades. Meanwhile, global stocks rose in the week, supported by gains in China and a decision by the European Central Bank to maintain stimulus, while investors largely shrugged off the impact of a possible U.S. capital gains tax hike.
  • On the currency market, the local unit narrowly appreciated against the greenback by 0.0001% as at the close of the latest auction trades.
  • An unchanged total of 46 counters exchanged hands in the week under review, with a total of 26 stocks emerging risers.
  • Medtech topped the risers in the week under review at 33% to close at 13.47c, followed by Masimba which extended its gaining streak to 4 straight weeks. In the week under review the counter rose by 24.9% to settle at 2005.31c.
  • Ariston reversed its prior week loss, adding 24.6% to settle at 199.42c while the duo of Dairibord and Padenga buttressed its prior week gains on adding 20.7% and 19.5% each to close at 1569.09c and 2994.36c respectively.
  • Nampak took its gains to 3 consecutive sessions on adding 18.1% to settle at 1250c as Meikles gained a further 14.6% to close at 5503.01c. Nampak gains follows parent company’s announcement that the Zim unit helped to buoy performance in the period to December.
  • The duo of AfDis and BAT countered its prior week loss on adding 13.6% and 11.9% in that order to settle at 4600c and 79995c apiece.
  • Beverages giant, Delta gained +11.6% to close at 4573.82c.
  • A pack of 18 stocks partially weighed on the bourse and these were led by Unifreight which plunged by -28.6% to settle at 1000c.
  • Miner, BNC, dipped by a further -14.1% to close at 403.76c while NTS fell by -10% to close at 900c.
  • Financial stock, NMBZ, eased by -9.1% offsetting its prior week gains to settle at 1000c. Trailing was African Sun which slumped by a further -8% to settle at 200.31c.
  • Mashhold softened by -6.1% to close at 170c while RTG seesawed for a 3rd straight session, falling by -4.8% to settle at 200c.
  • Zimplow which is scheduled to hold an analyst briefing this week eased by -4.7% to close at 666.88c as Lafarge lost ground by -4% to settle at 4800c.
  • ARTD closed at 530.08c after stretching its losing streak to 5 consecutive sessions, capping off the Top 10 laggards’ pack.

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