ZSE Market Commentary 15 April 2024
ZSE commentary
ZSE turnover subdued at US$ 4 852; ZiG continues to firm
HARARE – Zimbabwe Stock Exchange shares continued to see subdued trading activity amid a cautious approach from investors although banking systems are now reconfigured for the new currency.
ZiG introduced on April 5, has now appreciated 1.17% against the US dollar to 13.4 although on the alternative market, rates are being quoted between 14 and 17.
After some initial market confusion, the majority of banks, traders, and businesses were able to successfully convert their old Zimbabwe dollar balances to ZiG. Electronic ZiG has started to circulate, and ZiG notes and coins are expected to be introduced on April 30.
The All Share Index lost 1.15% to 99.24. Only 18 trades were recorded with turnover at ZiG61 416.32 or US$4 582 after just 24 600 shares traded. Star Africa led in volume at 12 400 and Delta contributed the most to value at ZiG58 900. There was no foreign participation. Market capitalisation was at ZiG29.76 billion or US$2.2 billion.
The Top 10 Index was the weakest link after losing 1.67% to 98.04. Econet was the worst performer with an 8.69% decline to 195.41c and NMB, which is trading under cautionary pending a regional acquisition, pared 0.05% to 144c.
However, EcoCash put on 0.95% to 33.04c.
The Medium Cap Index added a marginal 0.23% to 101.92. Masimba led the risers after it put on 2.28% to 153.50c despite reporting lower earnings in the year to December 2023 weighed on by a deliberate slowdown in activity in the fourth quarter due to delayed payments from clients.
Mash Holdings added 1.64% to 15.05c and future tie-up FMP put on 1.07% to 26.05c. OK Zimbabwe was 1.12% higher to 1.12% to 47c taking its market capitalisation to ZiG609.26 million.
Seed Co was 3.76% lower to 200c and Tanganda was down a fractional 0.05% to 207.93c. Star Africa dropped 2.09% to 1.96c.
VFEX turnover amounted to US$88 552 supported by trades in Simbisa at US$88 048 from 255 170 shares. The All Share was 0.88% higher to 99.65 taking its market cap to US$1.19 billion. First Capital led the risers, gaining 14.62% to 2.90 US cents and Padenga, which is mainly focused on ramping up its gold production, put on 4.91% to 19 US cents.
Only Simbisa traded in the negative, losing 1.26% to 34.51 US cents.-finx