Harare – Zimbabwe’s premier stock market the Zimbabwe Stock Exchange (ZSE) resumed trading this week after being closed for 37 days. As expected the market faced a sell off the whole week with marginal gains on selected stocks.
The flagship index the All Share Index lost 290.51 points or 16.24% in the week to end up at 1,498.24, as the heavyweight stocks saw a difficult week. Top 10 Index was down 267 points or 21.66% to end the week below the 1,000 point mark at 965.79.
Market capitalisation fell 12.42% thus losing $27.13bn in the week to close under the $200bn level at $191.3bn. The Top 10 stocks began the week accounting for 65.80% of total capitalisation but closed the week accounting for 60.59%.
Huge losses were recorded in the Small Caps with Turnall losing 56.25% in the week to end at 64.00c. RioZim also experienced a bad week, as it lost 56.25% to close at 640.00c, whilst Masimba Holdings was down 52.72% to 110.00c. Dairiboard saw a bad end to the week losing 47.92% to end at 843.14c.
The heavyweight stocks however were not to be outdone as they saw heavy losses as well. Beverage manufacturer and the biggest company on the bourse by capitalisation, Delta led the losses as it closed 37.65% as it closed the week at 1550.23c from the opening price of 2133.86c. Conglomerate Innscor opened the week at 2132.85c and lost 25.88% to end at 1694.37c.
CBZ which saw a magnificent rise in Q2 was down 24.86% as it ended the week at 2400.00c from a week opening price of 2996.52c. Technology companies which were part of the target for currency manipulation Cassava and it’s parent company Econet completed the top five heavyweight losses. The two companies saw a 19.77% and 17.52% loss to 692.97c and 706.59c.
The difficult week ended with only five gainers in Zimplow which gained 11.08% to close at 343.00c. Construction company Mashonaland Holdings closed the week 7.69% firmer at 65.00c, as First Mutual Properties ended the week 1.91% stronger at 209.00c.
Real Estate company Dawn Properties saw a marginal gain of 0.87% to close at 115.00c from a week opening price of 114.00c. Afdis closed the week 0.34% stronger at 1830.00c.