Stocks extend gains as companies report positive earnings

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*Performance Charts incl (ZSE indices, ZSE Value Traded, Interbank)

The ZSE added gains on Wednesday, extending the winning streak to 3 straight sessions on increasing demand. The All Share Index closed at 1632.5 points as some listed entities begin to report positive volumes performance, post lockdown. Between 2019 and the second quarter of 2020, a greater part of the market had been reporting subdued volumes performances owing to depressed aggregate demand. Most of the volume losses were in double digit percentages. Earlier last week, Delta beverages reported a rebound in key lager beer segment for the quarter and half year period to September. The trend was also positive for the related company, AFDIS, which reported a recovery in some of its brands which had nosedived over the last one and half years.

Out of the aggregate 33 counters that exchanged hands in the session, 15 came out as risers. Natfoods topped the list on adding +19.52% to close at 6000c followed by market heavies, Delta and Econet, which notched 17.82% and 17.06% respectively to settle at 2273.23c and 481.28c apiece. The duo of Mashhold and Masimba capped the Top 5 risers’ pack at 57.50c and 285c/share each after surging 5.95% and 5.72% in that order.

On the downside, a smaller set of 7 counters partially weighed on overall performance, with the heaviest counter on the market, CBZ, retreating by a further -4.94% from prior session to close at 3707.50c. Zimplow countered prior gains by -2.5% to settle at 487.49c while African Sun closed at 183.87c after dwindling -2.2%. Dairibord buttressed prior session gain on slumping -0.89% to settle at 890c while Medtech reversed its prior session gains by -0.75% to close at7.90c.

Turnover surged by a further 42% to $98.17 million in today’s session while volumes increased by 272%. Simbisa led turnover contribution at 27% and trailed by Innscor, Mashhold, Econet and Axia respectively. Wednesday’s turnover was the highest in 36 sessions as demand picks up owing to improving company fundamentals.

UPCOMING EVENTS
COMPANYEVENTVENUEDATETIME
SimbisaAGMSAZ, Northend Close, Borrowdale, Harare20 November 20200815Hrs
AxiaVirtual AGMescrowagm.com/eagmZim/login.aspx24 November 20200815Hrs
InnscorAGMRoyal Harare Golf Club01 December 20200815Hrs
     

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