Axia stock outperforms market as ZSE opens the week firmer

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  • The bourse gained 205.54 points
  • Axia rallied 11.7%
  • Blue-chips continued dominating the risers
  • However, mining index closed in red

Harare –  Shares of retail and distribution specialty group, Axia Corporation inched 11.7% higher to close at $41.1337 on Monday, on what proved to be an all-round mixed trading session for the stock market, with the Top 10 Index rising 2.26% to 6,611.03 points and the mining index falling 2.67% to 7,159.55 points.

In its half-year results ending 30 June 2021, the Group which sell home furniture and electric appliances is expecting to boost lounge suite and bed manufacturing at TV Sales & Home, to invest in working capital to grow the debtors’ book and expand the store network at Transerv in fiscal full year 2022.

In its latest half year results, the Group’s revenue grew by 36% to ZW$21.214 billion as it benefited from improved access to foreign currency through domestic nostro sales.

 Overal, the bourse gained 205.54 points, a 1.94 percentage increase to close yesterday’s session on a record high of 10,802.39 points, with hedge seeking driving the stocks prices high amid a fear of economic recession emanating from currency devaluation, which has forced the Central Bank to revise the yearly inflation rate upwards earlier this month, to between 35% and 53% from an earlier estimate of 25% and 35%.

Trailing Axia was plastic products manufacturer, Proplastics which buttressed the prior session gains by 7.36% to end stronger at $36.0000.

On the gaining sheet was also the beverages manufacturer, Delta Corporation which notched up 6.28% to $140.3263, trailed by the largest food producer, National Foods which rallied 5.48% to settle at $1,604.1250.

Capping the top five risers was the largest retail operator, OK Zimbabwe which overturned prior session losses on gaining 4.26% to $26.7609.

However, trading in the negative was the paper producer, Nampak which tumbled 8.28% to close lower at $11.0063.

The financial stock, First Capital Bank closed the session in cold after declining by 5.77% to $3.5553, with the nickel producer, Bindura Nickel Corporation shedding 4.49% to $5.2055.

Sugar producer, Hippo Valley traded lower at -3.19% to close the session at $287.8200 while the largest restaurant and fast foods operator, Simbisa Brands capped the top five losers at $101.3804 after plunging -2.71%.

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