Demand for selected counters in the Top 10 Index drove market momentum in the week under review to see all the Indices we review close at all-time highs. The demand emanated from increased liquidity in the economy which has caused parallel exchange rates to skyrocket, and this has resulted in excess funds being channelled into the market as economic agents search for value preservation. The All-Share Index and the segregated Industrials rose by a similar 28.15% to settle at 257.00pts and 256.52pts respectively. The Blue-Chip Index was 35.88% firmer at 284.39pts as its constituents claimed six spots in the top ten risers’ list of the week while, the Mid Cap Index advanced 6.05% to 177.09pts.
First Mutual Limited led the risers of the week on a 67.10% surge that took it to $2.8168, where supply could be found. Banking group CBZ followed on a 59.84% jump as it closed at $15.9866, having traded a high of $16.2100 in the last session of the week while, SeedCo Limited rose 54.82% to settle at $5.4188. Another banking group FBC also featured in the riser’s zone after ticking up 52.08% to reach an all-time high of $8.6685 while, British American Tobacco advanced 51.89% to $65.3132. ART Corporation was 46.67% higher at $0.4400 as top capitalised counter Delta continued with its glitter as it surged 44.04% that took the beverage manufacturer to $20.2424 on firming demand. Econet was 36.62% firmer at $5.1005 as demand continued to firm in the name. First Mutual Properties added 31.57% to end the session was $0.4605. Sugar refiners Star Africa swelled 28.18% to $0.0141 and completed the top ten risers of the week.
Leading the losers of the week was Ecocash Holdings which plunged 33.39% to $0.5107 on waning demand. Conglomerate Meikles followed on a 7.04% loss to $5.5775, having traded an intra-week low of $4.8500. Proplastics was 3.99% lower at $1.8995 while, Dairibord lost 1.89% to end the week at $2.6500, where demand could be established. Rio Zim slipped 0.69% to $1.3900 while, TSL declined 0.30% to $2.7916. Overall, twenty counters traded in the positive during the week against seven fallers, to leave the market with a positive market breadth of thirteen.