The Sunday Mail
The Zimbabwe Stock Exchange total market value jumped 10 percent to US$21 billion last week, in what was one of the shortest weeks of trading following the three day stay away.
The market traded for only two days, Monday and Thursday as trades are now internet based.
The Zimbabwe Congress of Trade Union (ZCTU) initiated the strikes in protest against the recently announced fuel price adjustment.
This also comes as inflation for December hit 42,09 percent, gaining 11,08 percentage points on the November 2018 rate of 31,01 percent.
Under such a scenario, investors have turned to stock market as a hedge against inflationary pressures.
On Thursday, the primary ZSE All Share Index jumped 2,85 percent to close pegged at 153,25 points, while the ZSE Top 10 garnered 3,13 percent to 154 points on gains in the market’s top capitalised counters.
At 511,67 points, the Industrials Index was 2,88 percent above prior session. The Mining Index remained flat at 207 points.
Total market value, hit US$21,6 billion.
Driving market value in Thursday session were the most watched stocks, Cassava, Delta and Econet with contributions of US$907 240, US$619 609 and US$124 032 respectively. Simbisa and Meikles were also among the top five value drivers each accounting for US$544 506 and US$45 653 respectively.
Topping risers, FCB added 20 percent to US6,36 cents followed by property firm, ZPI with a 19 percent jump to US3 cents.
Hospitality group Meikles ticked 14,55 percent to US63 cents while Fidelity rose 14,29 percent to US10 cents.
Banking group, CBZ capped the top risers with a 13,73 percent increase to US17,63 cents. Other gains were recorded in Star Africa, which put on 7,69 percent to US1,4 cents while Delta rose 5,36 percent to US$3.
The beverages giant said revenue for the third quarter to December 2018 rose 5 percent and 24 percent for the nine months on the back of growth in the beer businesses, which was, however, weighed down by depressed out turn in soft drinks.
Lager beer volume grew by 27 percent for the quarter, while the Sorghum beer volume in Zimbabwe grew by 15 percent above same quarter in the prior year. Chibuku Super contributed 85 percent of the volume.
Also on the upside were Cassava and parent company Econet, which rose 4,23 percent to US$1,50 and 2,34 to US$1,55 respectively.
Of the three active resources companies, only Bindura recorded movement in Monday session with a 0,29 percent gain to US7,02 cents.
The nickel producer is trading under a cautionary after its holdings company, ASA Resources currently under Administration, announced it entered into a sale and purchase agreement (“SPA”) with a third party in relation to the 74,73 percent shareholding in Bindura.
No counter traded in the negative in the week’s two sessions.
Axia and BAT remained unchanged at US42 cents and US$33 respectively. Also maintaining prior week levels, Edgars, Lafarge and Masimba closed flat at US11 cents, US$1,33 and US7,56 cents in that order.