The stock market fell for a second consecutive day as the backlog of foreign currency allocation on the auction system continues to disrupt company’s operations. The foreign currency settlement backlog on the auction system is reportedly US$175mn or about two months based on average weekly allocations.
The Treasury vowed to clear the forex backlog by mid-September. If cleared, this will enable the apex bank to operate the auction system within the set rules of funding auction allotments within two weeks from the date of auction.
At close, the mainstream All Share Index retreated 0.15% to 6,856.53pts weighed down by mid-tier caps. The Top 10 Index was nearly flat with 0.01% gain to 3,757.48pts. CBZ added 4.19% to 8043.48c while Innscor gained 0.75% to 10369.63c.
The Medium Cap Index was down 0.41% to 17,234.77pts. Proplastics led the fallers losing 5.35% to 2554.44c. Construction firm Masimba followed, slumping 5.03% to 3608.70c. First Capital plunged 3.28% to 301.33c. Hospitality group RTG fell 2.19% to 510.00c and completed the top five losers set.
Gold miner RioZim led the risers gaining 17.86% to 3300.00c and left its year to date gain at 120.71%.
Banking counter NMB advanced 6.67% to 1599.98c. Simbisa was 0.67% higher to 4395.36c.
The Small Cap Index put a marginal 0.03% gain to 221,422.74pts.
Elsewhere on the price sheet, Medtech shed 4% to 22.57c.
Turnover stood at ZWL$84.05 million after 4.54 million shares traded. Market cap stands at ZWL$799.6 million – Harare