ZSE Daily Comment 31.07.17
By Respect Gwenzi, Aug 02, 2017
Rallying remained the order on the ZSE as the mainstream industrial index finished in the black in the month closing session on Monday. Gains in selected mid tiers saw the index notch 0.59% up to close at 203.25. Elsewhere, the mining index broke the jinx after putting on an solid 6.10% to close at 69.44.
A total of 15 counters participated in today’s session and of these 9 stocks ended in the positive territory while the remainder closed unchanged. Not a single counter traded in the negative territory.
Pushing the mainstream index upwards were 7 counters led by QSR operator Simbisa which added an impressive 11.11% to close the session at 25c to maintain rallying mode. In the prior week the counter emerged as a top riser, attracting demand after the announcement of a regional acquisition and the secondary listing on the AIM in London.
Trailing Simbisa was Star Africa which closed at 1.30c per share after adding 8.33%. Axia was rose by 4.17% to settle at 12.50c while Econet touched a two year high after gaining 2.09% to close at 40c.
Elsewhere, pulling the mining index northwards was RioZim and Hwange which added 9.09% and 4% to close at 60c and .6c respectively.
NTS was stable after reporting a subdued performance in the full year to March where revenue came off by 9% while after tax profit eased by a huge 75%.
A shift in the products mix towards low margin products and loss of market share due to increased grey imports impacted negatively on profitability.
Turnover in the session came off by 30% to settle at $0.8 million with top contribution coming from Axia, Delta, Riozim, Old Mutual and CBZ in that respective order. The total number of shares traded in today ‘s session came in at 4.9 million.