Zimbabwe stocks slump to eleventh consecutive loss

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An electronic screen displays Zimbabwean listed stocks inside the Zimbabwe Stock Exchange in Harare, Zimbabwe on Tuesday, July 31, 2018. Zimbabwe’s main opposition party said it was well ahead in the first election of the post-Robert Mugabe era and it’s ready to form the next government, as unofficial results began streaming in. Photographer: Waldo Swiegers/Bloomberg

HARARE (FinX) – The stock market extended its losses for the eleventh consecutive session on Wednesday as it continues to reverse pre-suspension gains. The ZSE now has a year to date gain of 477.32%, a reduction from the June half year close of 677.41%.

Activity levels were also subdues although foreigners increased participation today after they bought $2.7m worth of shares and sold $4.8m in the 231 trades executed. Total turnover came in at $37.6m or US$0.45m the lowest of the week. Top turnover contributors were CBZ $12.12m, Delta $7.91m, Innscor $5.42m, Econet $3.27m and RioZim $2m.

The Top 10 Index was back in negative territory after losses in fast foods counter Simbisa which was 11.82% weaker at 525.09c and financial stock CBZ which was 7.23% weaker at 2 307.29c. Other heavyweight losses were recorded in Econet which was 3.02% lower at 480.03c and Delta which lost 0.64% in the session to close at 1 575.32c.

Padenga’s 7.06% gain to 965.71c was not enough to stop the Top 10 Index from losing 2.25% to close at 841.79. The Top 10 Market Cap now stands at $106.9bn which accounts for 63.59% of total market cap but 2.04% lower than pre-suspension levels.

The All Share Index closed 1.42% lower at 1 328.35 and the Medium Cap registered a marginal 0.44% loss in the day to close at 2 753.35.

The Small Cap Index battled losses in Edgars of 17.76% to 50.00c and Truworths of 5.56% to 17.00c to close with a marginal gain of 0.64% to 4 518.92.

Small cap gains were recorded in National Tyre Services which saw a gain of 19.89% to 4.46c, brick maker Willdale which said its profitability is under pressure from the pandemic was up 11.98% to 23.00c and ART which closed 5.56% stronger at 190.00c.

Meanwhile,38 sponsors have expressed interest in participating at the Victoria Falls Stock Exchange, which is targeting an early September opening. The sponsors are made up of the country’s 18 stockbroking firms, six custodians, three securities transfer firms and 15 investment managers.

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