Omega Ukama 
DAIRIBORD Holdings (Dairibord) topped gainers on the Zimbabwe Stock Exchange (ZSE) in October with returns of 116 percent.
In comparison, the market benchmark All Share Index was up by 2 percent, while second and third-best gainers, ZB Financial Holdings (ZB) and Axia Corporation (Axia), were up by 74 percent and 64 percent, respectively.
Dairibord has also emerged as one of the biggest foreign currency earners on the ZSE, having recently reported 11 percent growth in sales volumes for the half-year to June 30, 2022. Of these sales, the company said 40 percent was in foreign currency, with eight percent going into export markets and 32 percent through the domestic market.
The milk processor said it was focusing on the realignment of its route to market to increase cash receipts, local US dollar sales and exports.
“The group’s main thrust is on volume growth to close the gap between demand and supply in most product categories and cost containment. The growth will be largely driven by beverages and foods, benefiting from the commissioning of plant and equipment for additional processing capacity in the third quarter of the year,” the company’s board chairman, Josphat Sachikonye, said in a statement accompanying financials.
ZB’s gains come as the group has said its transformation, which has seen the introduction of a new operating model under the mantra “One Digital ZB” is going according to plan.
On the other hand, Axia’s gains come as the conglomerate has been on an expansion drive that has seen it acquire a 50 percent stake in National Foods’ logistics business.
The group has also said it will continue growing its retail store networks as well as optimising major distribution agencies in the country and region.
Axia is also constructing a US$4,5 million, 10 000-bed production facility in Sunway City as part of its investment into production facilities to boost bed production at Restapedic.
Meanwhile, the market closed the month with a capitalisation of $2,23 trillion, compared to $1,84 trillion at the end of the previous month, as its resurgence, which started in September after a four-month slump, seems to be losing steam.
A late charge in September pulled the market out of a year-to-date loss and saw the local bourse closing with a monthly gain for the first time since May.
Earlier in that month, the market had dipped into a year-to-date loss for the first time this year.
The market closed in October with a 39,27 percent year-to-date gain.
newsdesk@fingaz.co.zw
