• Sun. May 19th, 2024

Akribos says companies likely to volunteer to delist from ZSE

ByEconomic Times

Mar 13, 2023

…as ZSE posts 5th consecutive gain

By ETimes

For the fifth consecutive session, equities trading at the Zimbabwe Stock Exchange maintained the upward trend as the All-Share Index (ASI) closed 2.85% stronger to close at 30,905.71 points on Monday.

Investors further gained $81.36 billion as the market capitalisation settled at $2.68 trillion at the end of the day’s trading activities.

Market breadth closed positive as 10 tickers gained relative to nine laggards.

The Top 10 Index gained the most, up 3.98% to close at 18,051.27 points.

The Medium Cap Index was up 0.02% to close at 65,950.30 points while the Small Cap Index was flat at 678,863.75 points.

On the performance chart, ART led nine others on the gainers’ table, having climbed by 13.81% from its share value, while NMB topped eight others on the laggards’ list after its share value depreciated by 6.87%.

Analysis of today’s market activities showed trade turnover had doubled to $1.04 billion. A total of 2.49 million shares valued at $1.04 billion were exchanged in 198 deals.

Delta led the volume chart with 1.24 million units traded and the value chart with deals worth $739.89 million.

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Datvest Modified Consumer Staples ETF retreated $0.0994 to $1.8500, Old Mutual ZSE Top 10 went further up by $0.0597 to close at $7.9102 and Cass Saddle Agriculture ETF gained $0.0018 to $2.0900.

Morgan & Co Made In Zimbabwe ETF shed $0.0036 to $1.4300.

Morgan & Co Multi Sector ETF remained flat at $22.0000.

Tigere Reit retreated by $2.4870 to $48.1330.

VFEX -All Share Index was up 0.13% to close at 98.1957 points. Simbisa garnered 0.86% to end at US$0.4300.

On the flipside were Axia and Innscor Africa Limited, which eased 0.14% and 0.15% to settle at US$0.1380 and US$0.6981 respectively.

Market capitalisation stood at US$1.06 billion.

Meanwhile, the just-released Akribos Investment Markets Monthly Review reveals that the migration of counters from ZSE to VFEX will continue. This comes after African Sun have also expressed a strong desire to do the same.

“On the ZSE, the market is likely to continue to witness a drop in the number of listed counters going forward as some companies migrate to the VFEX and some are likely to volunteer to delist,” reads the report.

“This will leave the market with fewer options for investors to park in their excess, therefore, we expect the market to rally. The VFEX also remains a viable option for long-term investors with US dollar balances. We expect the market activity to improve as more liquid counters come on board.”

The country’s equities are poised to continue outperforming fixed-income securities despite the economic headwinds.

“Given the high probability of a further devaluation of the ZWL$ and increased inflationary pressures, Zimbabwe equities are likely to continue outperforming fixed-income and money market instruments,” Akribos stated – Harare

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