Shares of agro-industrial dealer CFI soared on Tuesday, the second day of trading after returning from suspension emanating from its failure to comply with the free float requirements and some corporate governance related matters under the Zimbabwe Stock Exchange Listing Requirements.
The ZSE suspended trading in the CFI’s stock in January 2018. However it resumed trading on Monday after resolving some of the listing requirements. At close of trades, CFI led the overall risers gaining 5712.04% to 4,112.02c and left its year to date gain at 5712.04%.
Market turnover was down to ZWL$361.25 million from ZWL$937.74 in the previous session, with 8.10 million shares traded in 570 trades. Foreign buys were at ZWL$33 000 while foreign sales were at ZWL$46.88 million.
ZSE All Share Index was up 2.10% to 9,979.75pts.
Today’s performance comes as the International Monetary Fund is projecting Zimbabwe to record a GDP growth of 5.1% in 2021. But, in June this year IMF had said Zimbabwe is on a path to economic recovery with a growth forecast of 6% expected this year largely due to a bumper harvest of maize.
The projections are far below treasury expectations of 7.8% in 2021 from an initial forecast of 7.4%.
IMF sees the country’s CPI at 92% while current account balance at +4.9% of GDP in 2021.
Because of BAT and Econet gains the Top 10 Index advanced 2.58% to 6,032.62pts. Cigarette manufacturer BAT added 20% to 286,560.00c while telecoms giant Econet gained 6.21% to 6,650.64c.
Beverage maker Delta, which had the most traded value at ZWL$110.97 million shed 0.94% to 9,505.00c.
The Medium Cap Index retreated 0.07% to 20,939.05pts. Hotelier African Sun led the fallers, losing 15.74% to 909.23c. Proplastics followed, slumping 5.40% to 2,538.64c. Brick maker Willdale was 2.36% lower to 410.05c. Hospitality group RTG eased 1.69% to 580.00c.
First Capital Bank and Axia stood out for the mid-tier caps but not enough to offset the losses after garnering 7.48% and 4.97% to 358.27c and 3,044.95c.
The Small Cap Index rose the most with 22.19% to 318,048.06pts – Harare