ZSE swings into the red

HARARE - The Zimbabwe Stock Exchange (ZSE) swung into the red in Tuesday’s trades as three benchmark indices slid after Monday’s gains.

In its analysis on Tuesday’s trade, EFE Securities said all of the bourse’s benchmark closed lower while the Mining Index marginally rose.

“The primary All Share Index was down 1,34 percent at 116,49 points on heavy cap stocks’ losses which were underlined in the 1,23 percent drop in the ZSE Top Ten Index which closed the day pegged at 120,56 points.

“The Industrial Index shed 1,36 percent for the day and settled at 391,74 points as gains were registered in the Mining Index which powered to a 0,48 percent rise that left it at 162,12 points,” EFE said.

Weighing on the market were top capitalised stocks SeedCo, Innscor and Econet that traded softer leaving the market in the red despite achieving a positive breadth of four having seen four fallers.

SeedCo fell 14,73 percent to $2.2000, OKZ declined 5,97 percent, Innscor dropped 3,77 percent and Econet was down 2,13 percent as loss mitigation was spurred by Zimpapers up 15,38 percent at $0.0180, African Sun up 13,96 percent in post interim results release trades.

Other gains were in Masimba up 3,33 percent, Old Mutual rising 0,85 percent and RioZim that added 0,72 percent.

This comes as the ZSE opened the month of September in the black as the bullish sentiment extended into the new month.

On Monday, the primary All share Index went up 0,74 percent on sustained demand and touched 118,07 points in the first session of the month while, the Industrial Index gained 2,52 percent and closed the day at $397,16 points.

The Top Ten Index similarly rose adding 0,37 percent to settle at 122,06 points as demand spread to the market heavies.

Meanwhile, the mining Index was flat at 161,34 points as the only active counter in the cluster Bindura exchanged hands at a stable price of $0,0600.

Market activity was confined to a selected number of stocks with the number trades coming in at 43 and yielding $2,16 million in spend which was 7,18 percent lower from the prior session.

Monday’s volumes succumbed 31 percent on previous session as Mash, Bindura and Simbisa emerged the top drivers of the aggregate as values on the other hand were anchored by Old Mutual, Delta and Simbisa that claimed a combined 87 percent of the total exchanges.

Eight counters recorded gains on Monday against a sole faller leaving the market with a positive breadth.

Leading the market charge was Masimba that went up 9,09 percent and settled at $0,0600 on growing demand while, NMB added 4,10 percent and settled at $0,1270.

Monday’s single faller was Padenga which slipped 1,02 percent and ended the week at $0,6500. — The Financial Gazette

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