ZSE Top Ten Index swings into the black

HARARE - The Zimbabwe Stock Exchange (ZSE) swung back into the black in the mid-week session after its top ten index put on a marginal 0,07 percent to close at 140,96 points, following a weak start to the second week of 2019.

After opening the new year in losses as three of the benchmark indices took a knock, losses on the bourse recorded by Econet and Innscor were offset by gains in Padenga, Old Mutual and Cassava.

The top gainer of the day was financial services group Getbucks that surged 14,29 percent to close at $0,0800, followed by crocodile skin producer Padenga, which improved 5,57 percent to $0,9000.

Giant life assurer Old Mutual and hospitality group African Sun were on the third and fourth positions of the risers table as the duo advanced 4,06 percent and 1,37 percent to end at respective prices of $7,2935 and $0,1110.

Cassava capped the top five winners of the day having gained 1,05 percent to settle at a volume weighted average price of $1,3415.

The mainstream all share index and the industrials lost an identical 0,05 percent to end pegged at 142,25 points and 474,49 points apiece, with the downside of the market headlined by retailer OK Zimbabwe that let go 6,86 percent to settle at $0,27000 trailed by property concern First Mutual Property, which traded 4,42 percent softer at $0,0671.

Dual listed PPC Zimbabwe followed after trimming 4,25 percent to end at $1,80001.

Telecommunications giant Econet dipped 0,55 percent to $1,3642 closing with a spread of $1,2400 to $1,3400. Innscor completed the shakers of the day with a marginal loss of 0,01 percent as the group closed lower at $1,6500.

Volume of shares traded gained 44,24 percent to 3,10 million while, turnover tumbled 16,47 percent to $5,22 million.

Heavy caps remained active as they continued to drive activity aggregates, with top volume drivers being Cassava, Econet, OK Zim and PPC which claimed a combined 91,79 percent of the total.

Market spend was anchored by Cassava (33,63 percent), Old Mutual (33,20 percent), Econet (18,59 percent) and PPC (11,67 percent).

This comes as the mainstream all shares index succumbed to a 0,85 percent decline and closed the week at 145,18 points while, the industrials lost 0,96 percent to 483,53 points in the first week of 2019.

The top ten index was two percent down at 143,71 points as softening heavy caps continued to weigh on the bourse.

Interest in equities has largely been subdued this week with the market’s top stocks in Cassava, Econet, and Innscor leading the markets slide.

The mining index closed the week in the black as it rose 5,06 percent to 227,73 points, buoyed by nickel miner Bindura Nickel Corporation.


 

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