The stock market ended marginally higher on Thursday as a string of upbeat earnings reports and revived economic optimism fueled a risk-on rally. The performance comes as black market rates have started to rise with quotes now past the 50x mark.
The gains on the board were mainly on the select heavyweights and mid-tier counters but enough to see the ZSE All Share Index close with a 0.57% gain to 6,895.66. The Top 10 Index was up 1.25% to 3,804.43pts. Cigarette manufacturer BAT Zimbabwe was the overall top riser gaining 19.96% to ZWL$1094.0000. Beverage maker Delta added 2.43% to ZWL$89.5816.
ZHL advanced 7.18% to ZWL$3.7668. Construction firm Masimba, which is expected to gain from the road rehabilitation programs lined up by the government, added 2.74% to ZWL$40.0198. Meikles gained 2.04% to ZWL$94.9010.
Mash Holdings, which did not declare a dividend in its half year results of 2021, lost 0.53% to ZWL$2.9641. Revenue surged by 58% to ZWL$2.16 billion from ZWL$1.37 billion. This was attributed to a firm order book in mining, infrastructure and roads segments. Revenue earned in United States Dollars as a proportion to total revenue for the period improved to 35% owing to a diversified project portfolio.
Unfortunately, the group lost 2,673 man-hours and incurred direct costs of ZWL$10.9 million towards compliance with Covid-19 guidelines.
There were however losses in FML, which led the day’s fallers losing 18.52% to ZWL$22.0000. Dairibord followed, slumping 9.20% to ZWL$35.4138. Starafrica eased 8.40% to ZWL$1.6365.
Banking counter NMBZ fell 6.67% to ZWL$14.0000. As a result, the Medium Cap Index retreated 0.44% to 17,159.71pts.
The Small Cap Index advanced 0.17% to 221,801.19pts.
Elsewhere on the price sheet, Medtech was 3.55% lower to ZWL$0.2283.
Turnover declined to ZWL$22.48 million from ZWL$1.62 billion from yesterday – Harare