The stock market remained firm in the week touching yet another record level 3 and half years high driven by record high performances in select heavy caps and mid tiers. In the week the industrial index added 3.3% which is a record weekly gain. Closing at 220.25 on Friday the index is 5.4% shy of reaching an August 2013 all time high of 232.87, having added 52.4% since the beginning of the year. The mining index however edged lower easing by 5.23% to 70.17 in the week weighed by losses in nickel miner BNC.

A total of 42 counters exchanged hands in the week with 26 rising, up from 19 in the prior week while only 5 counters eased. General Beltings succeded another small cap counter Medtech as the week’s top riser reflecting the widening of market gains as most market favourites turn overvalued. GBH added a whooping 150% albeit from a lower base to close the week at 0.55c. Padenga trailed with a gain of 28.8% to 40c which is an all-time high for the counter and a tenfold increase for the stock which listed in 2010 at a price of 4c. Banking stock NMB registered a 27.1% gain to close at 5.4c after reporting an improved earnings position for the 6 months period to June. ZB and Axia  also went up by 15.25% and 14.9% to 19.50c and 15c respectively. PPC rose by 9.6% to 71.25c in the week after reporting a volumes surge driven by the rest of Africa. The local unit Zimbabwe recorded a double digit volumes growth following the commissioning of the Harare plant. The month of June was said to have contributed the highest volumes  at the local unit since June 1999. Afdis which recorded a 13% increase in revenue to $25 million driven by an 18% increase in volumes went up by 7.9% in the week to close at 65c. FBC rose by 3% to 14.15c after reporting yet another firm set of earnings despite softening of interest income. The bank said it will focus on real assets in its quest to preserve shareholder value in light of shifting macroeconomic fundamentals. Heavies Econet, Delta and Old Mutual were among the top risers of the week with the later touching an all time high and in turn widening its premium to the JSE and LSE prices.

Bindura was the worst performer as it lost 16.4% to 2.540c. Edgars and Masimba lost 3.8% and 3.3% to 5c and 5.90c respectively. Willdale was among the losers with a decline of 2.4% to 0.40c. Proplastics capped the losers with a loss of 1.8% to 6.70c.

Turnover in the week came in at $3.4 million which is a growth of 100% from the prior week’s outturn of $1.7m. Average daily turnover came in at $0.67million which is 34% lower than the prior week. Delta contributed $1.6million or 47% to total turnover trailed by CFI,  Econet, Pearl and Old Mutual in that respective order. Trades in CFI fall in line with proclamations by anchor Messina shareholder Nic Van Hoog that regularization of certain trades will be ongoing to reflect Messina’s further scrip accumulation.