Market Weakness Persists On ZSE

Zimbabwe Stock Exchange (ZSE) leading stockbroking firm EFE Securities has revealed that heavies continue to weigh down the Indices in yesterday’s session with all the benchmark indices closing in the red whereby the All Share and the Industrial Indices lost a similar 0.71% to 111.68 points and 375.25 points respectively.

According their yesterday’s market commentary, the Top Ten Index plunged 0.75% to 115.07 points as Delta and Innscor came off 2.39% and 0.49%.

“The Top Ten Index plunged 0.75% to 115.07pts as Delta and Innscor came off 2.39% and 0.49% to $2.0000 and $1.4131.

“The Mining Index let go 0.37% to 164.01pts with RioZim dragging down the Index after dropping 0.54% to settle at $1.4670, having traded 21,266 shares for the day.

“Axia and OKZim were other notable shakers as they retreated 7.41% and 2.13% to end pegged at $0.2500 and $0.2349 respectively,” they said.

They added that on the upside was clothing retailer Edgars that added 1.85% to $0.0662 while, giant Insurer Old Mutual followed with a 0.79%.

“On the upside was clothing retailer Edgars that added 1.85% to $0.0662 while, giant Insurer Old Mutual followed with a 0.79% surge to $5.0891. BAT and TSL gained 0.59% and 0.58% to end at $25.6500 and $0.4300. Capping the risers pack was banking group Barclays which garnered 0.33% to $0.0622.

“Elsewhere, Proplastics released impressive HY18 results where management reported a 71% rise in revenue to $10.7m. Among the nineteen active stocks in the session, six lost ground while, five gained with the remainder closing stable at previous levels, leaving the market with a negative breadth of one.

“Activity aggregates closed mixed with turnover for the day retreating 54.98% to $0.89m which was below the physiological mark. Padenga, OKZim and Meikles anchored the value outturn with a combined contribution of 60.71%.

“Volume of shares traded ballooned 138.12% to 4.13m as NTS claimed 48.45% of the total, ahead of its AGM scheduled for the 29th of August,” reads the commentary.

 

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