The nation saw the appointment of the new governor in the week under review, who came in and made sweeping changes in terms of currency. The governor announced that the nation will be moving away from the Zimbabwean dollar to the much-discussed structured currency called ‘ZIG’. The currency announcement will likely have a strong asset repricing effect in the economy and equity markets are likely to see reduced activity as investors take a wait and see approach. The All-Share index was 4.85% firmer at 915,605.88pts while, the Industrial Index garnered 4.83% to 2,921,127.98pts. The Blue-Chip Index was 2.48% higher at 407,902.98pts. The Mid-Cap Index was the major gainer amongst the indices we review as it added 7.33% to 3,409,471.43pts.
The duo of small caps in NTS and Zimre Holdings Limited led the risers list of the week on a 100% surge and 58.81% that took them to $320.000 and $536.7790 respectively, where supply could be found. SeedCo was 51% firmer week on week to settle at $5,192.9462 on firming demand while, Nampak ticked up 40.26% to end pegged at $1,080.0000. Banking group FBC continued with its glitter as it added 17.54% to close the week at $4,819.2584 while, First Mutual Properties added 15.01% to settle at $644.0500 in the last session of the week. The miner RioZim ticked up 15% to close pegged at $1,380.000 as life assurer Fidelity rose a similar 15% and closed at $1,086.7500. AFDIS advanced by another 15% as it closed at $5,495.0000. ZB Financial Holdings was 14.99% higher at $6,353.0000 as the group completed the top ten risers of the week.
Overall, the market recorded a wide positive breadth of seventeen as twenty-seven counters registered gains against seven that went down while, five sailed stable. Leading the losers of the day was BridgeFort Capital Class A shares that reversed previous week’s gains on a 58.22% plunge that took it to $35.0000 on waning demand. Turnall Holdings Limited was 5.25% lower at $69.1663 while, ART Corporation added 3.48% and settled at $202.7000. General Beltings lost 0.58% to close at $136.2048 while, heavy cap Econet Wireless Holdings eased 0.42% and settled at $4,650.3902. Proplastics completed the losers list on a 0.16% drop that took it to $1,291.7143.