Innscor persists a colourful run as hedge seeking continues to drive stocks demand on ZSE

  • The local bourse increased by 411.89 points

  • To close at a record high of 10,596.85 points

  • Gains were recorded across all indices

  • Year to date gains at 301.95%

Harare - The diversified foods manufacturer, Innscor Africa continued an upward trend last week Friday to close the session with straight 12 gains on adding 18.17% to settle at $179.7207 as ZSE closed the week in positive territory.

The local bourse closed the week firmer on buoying 4.04% to a record high of 10,596.85 points, propelled by hedge seeking which has been driving the demand for stocks upward amidst a depreciating currency that has rendered other asset classes less viable.

The local currency saw its widest fall against the greenback on the recent foreign exchange auction market on Tuesday last week as ZWL continued its upsetting performance against the American dollar, taking its fall to a 25th consecutive week.

Meanwhile, gains were spun across all indices with the bourse stretching year to date gains to 301.95%.

As trade ended, the plastics pipe manufacturer, Proplastics led the gainers in the session at 19.69% to $33.5000 buttressing its previous gains followed by the diversified food producer, Innscor Africa which extended its gaining streak to 12 consecutive sessions.

Regional cement maker, Lafarge took the third spot on increasing by 18.12% to end at $113.0000 while the mining counter, RioZim inched up 16.10% to settle at $39.4743 respectively.

Capping the top five risers was the canteens and fast foods counter, Simbisa Brands which scaled up by 15.86% to $104.2002. During the Group’s 2021 financial year, its customer count increased by 6% compared to the same period last year while food delivery volumes were up by 43% year on year owing to the elevated focus on sales channel which reduced the impact of COVID-19 and aligned the business with evolving customer behaviour.

However, trade in the negative was the largest retailer, OK Zimbabwe which emerged as the worst performer on declining by -9.85% to $25.6669, countering its prior session gains.

Bricks maker, Willdale dwindled by -7.16% to close the session at $3.6326 trailed by the pharmaceutical counter, MedTech which shrinked by -7.13% to $0.2124, marking its third consecutive fall.

Other losses were recorded by General Beltings which tumbled by -6.14% to $2.534, reversing its previous session gains followed by the largest bank, as measured by assets and deposits, CBZ Holdings which capped the top five laggards on retreating -4.01% to $96.2314.

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