Zimbabwe takes the second spot among the seven sub-Saharan African (SSA) stock markets which had positive year-to-date US$ returns as at 31 January 2022, latest report shows.
Nigeria gained the most after it closed the period under review 8.6% up, followed by Zimbabwe at 6.1% and Tanzania at 2.4%. The sheer size of Nigeria’s economy and large population base has undoubtedly aided the country’s economic environment and has led to an increase in investments in the economy.
In US dollar terms SSA excluding South Africa markets were up 3.1% in January 2022.
“High Sharpe ratios & low standard deviation of returns feature Botswana, Tanzania and Malawi,” stated African Financials in its SSA Top 30 Companies (excluding South Africa) report.
As for Zimbabwe, analysts are of the view that the local bourse is now used as an inflation hedge against currency issues.
Meanwhile, as investors continue to digest the 2022 monetary policy, the stock market closed on a positive note on Tuesday with market capitalisation appreciating by ZWL$18.36 billion.
At close of trading the ZSE All Share Index was up 1.18% to 12,838.15 points. The All Share Index has risen by 18.63% so far this year. Accordingly, the market capitalisation gained by ZWL$18.36 billion to ZWL$1.58 trillion.
Market breadth, an indicator of investor’s attitude towards trade, closed on a positive note, with 22 gainers recorded compared to 11 laggards.
The Top 10 Index added 1.34% to 8,427.56 points on Cassava which climbed 3.34% to ZWL$61.50 and left its year to date gain at +51.30%.
Hotelier African Sun led gainers, rising by 12.23% to close at ZWL$8.00. Newly listed Tanganda rose to ZWL$70.01, notching up 9.56% in the process. Mash Holdings was 9.38% higher to ZWL$3.50. Horticulture exporter Ariston completed the top 5, rising 6.48% to ZWL$3.64.
As a result, the Medium Cap Index was up 0.30% to 21,655.52 points.
On the other hand, milk processor Dairibord was the worst performer losing 14.28% to ZWL$30.00. Banking counter NMB eased 6.96% to ZWL$12.09. Nampak, which decided to waive payment of the full year dividend, lost 6.71% to ZWL$12.50. ZHL shed 3.39% to ZWL$3.38. Starafrica was 3.25% to ZWL$1.36 and completed the top 5 losers set.
The Small Cap Index recovered 1.45% to 388,386.19 points on Zimpapers which gained 7.88% to ZWL$2.58. In all, 6.19 million shares worth ZWL$276.99 million exchanged hands in 472 deals. Econet was the most active stock trading 1.11 million shares worth ZWL$118.16 million – HARARE