ZSE slips further as political uncertainties continue

HARARE - The Zimbabwe Stock Exchange (ZSE) continued to slide in the wake of the political upheavals that followed the July 30 plebiscite, with the benchmark All Share Index retreating 2,11 percent settling at 111,78 points.

Shedding 2,06 percent, the Industrial Index settled at 378,88 points while the Mining Index took the heaviest knock shedding 3,54 percent to close the week as 158,80 points.

Heavies weighed on the market as the Top 10 Index succumbed 2,83 percent and closed the week pegged at 115,08 points amid sustained selling pressure in the cluster.

“Meanwhile, the week saw the main opposition filing its election challenge for the presidential results, with the market seemingly watching the political developments as activity slows down.

“Elsewhere, the results for the June reported date started trickling in and companies continue to perform relatively better amidst the reported economic pressures,” EFE Securities said.

ZSE saw 23 stocks close with price movements and had a distribution of 10 risers against 13 fallers to set a negative breadth of three.

Construction group Masimba headlined the fallers set on a 20,40 percent slide that took the group to $0,0398 while, GetBucks Microfinance Bank succumbed 9,91 percent and capped the week at $0,0300.

Dairibord was 7,14 percent softer at $0,1300 as beverages giant Delta succumbed to selling pressure to lead the heavies’ shakers on a seven percent slip to $1,9995.

Regional cement manufacturers PPC let go 5,74 percent and settled at $1,1500 on waning demand. Mining house RioZim declined 5,08 percent and settled at $1,4000.

Selling pressure also emerged in Econet to see the telecoms giant retreat 2,50 percent and closing the week at $1,2001 while light manufacturing group Innscor let go 0,39 percent and settled at $1,4144 while, retail group OK Zimbabwe dropped 0,34 percent and ended at $0,2349.

Capping the weekly top fallers was Hippo that retreated 0,15 percent and ended at $1,6875.

The market had 10 gainers which mitigated the losses for the day, headlined by Nicoz with a 13,67 percent rise that took it to $0,0341.

Banking group CBZ was in an 8,59 percent rebound to $0,1100 while, FMP accumulated 7,53 percent and settled at $0,0600 with Barclays up 5,66 percent with demand returning to the group while, apparel retailers Edgars added 1,85 percent and closed at $0,0662.

Old Mutual, African Sun and BAT were also among the risers for the week adding 1,65 percent, 1,39 percent and 0,98 percent to close at $5,1027, $0,0730 and $25,6500 respectively.

Weekly activity aggregates had a mixed outcome with values declining 61,64 percent to $15,76 million while, volumes surged 179 percent to 88,75 million shares.

Values were anchored by the market’s heavies as investors sought cover in the market’s blue chip counters.

Driving the values were SeedCo on 27 percent, Old Mutual claiming 17 percent and Delta with 10 percent.

Volumes were spurred by insurers Nicoz and property group FMP that claimed a combined 76 percent of the aggregate.

— The Financial Gazette

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