Both indices ticked upwards in the week ending session completing a week of gains as risk-averse investors continue to seek cover in equities amid jittery in the economy after last week’s panic buying and sharp exchange rate discounts. Despite allaying fears of a full-blown crisis through the introduction of a stabilization facility, the market is yet to readjust. Conventionally prices are sticky downwards and the ongoing price hikes may spiral further instead of reversing.
In the session today the mainstream index went up by 1.08% to settle at 418.39 reaffirming the stocks momentum after a temporary breather a week ago. The index is currently at its highest peak and has gained 189.5% year to date.
The mining index jumped by 12.99% coming from a 3 day mute to close at 122.57. The resources index was pushed by gains in Bindura and Rio Zim in the session.
Cement maker PPC emerged as the top performer for the second time this week as it rose by 19.83% to close at 143.50c.
The fungible stock which is increasing its premium on the local market has notably started receiving positive results from its local units as volumes increased in the first 8 months of the year following the commissioning of Harare plant.
BNC trailed with an upsurge of 19.05% to 5c and is now in the positive territory year to date with a gain of 25%. BNC reported that the smelter is now 83% complete and that in the first quarter period nickel production increased by 2% over the prior quarter. Financial stock ZB went up by 17.24% to 34c.
Turnall gained 15.70% to 1.40c after posting a loss of -$295 049 in the half-year period to June, which was more improved from the prior year. Management attributed the outperformance to efficient cost management measures. Revenue however declined by 11.49% to $7.7 million as a result of a 7% fall in volumes from the same period prior year.
Rio Zim gained 11.11% to 100c which is a 6 year high. Heavies Innscor, Old Mutual, Seedco, Econet and BAT were among the session’s risers. RTG was the worst performer in the session edging lower by 13.04% to 1.15c.
Lafarge and Barclays lost 11.43% and 5.85% to 70c and 7.01c respectively. Delta capped the losers with a decline of 1.27% and 278.56c.
Turnover went up by 206.9% to $5.9 million driven by heavy cap buying. Old Mutual was the top value contributor trailed by Axia, Innscor, Econet and Turnall in that respective order. The total number of shares traded came in at 14.7 million.
