By ETimes

The local bourse struggled for muscle to return to winning ways in Tuesday’s session as it swung into losses with all indices closing southwards.

This comes when latest trading updates from consumer facing businesses like NatFoods and Innscor Simbisa signals continuous volume growth up to the later part of the year but there is a need for policy consistency and coherence to maintain the growth trajectory because of the current market complexities.

At close of trades, the mainstream All Share Index was off 5.30% to 11,456.15 points. The Top 10 Index suffered the most as it succumbed 6.55% to 7,175.61 points.

Among the heavyweights, Meikles led after gaining 12.76% to 19,175.27c with a year to date gain of 654.22%.  The diversified group is examining strategic alternatives on how best to grow its property division for it to provide an opportunity for shareholders to enhance value.

There were losses in Hippo which shed 12.5% to 28,000.00c and Cassava was 12.21% lower to 4,526.77c. NatFoods, which reported first quarter volume growth of 24% to 143,000MT, eased 11.76% to 150,000.00c. It hopes that some of the recent economic challenges can be addressed, in order to “slow inflation and restore general business confidence.”

CBZ, which delayed publication of its half year results, was down 1.69% to 12,152.00c.

“The finalization of the company’s financial statements has been delayed due to the engagement of new external auditors, KPMG, following the retirement of Ernst and Young after having served their statutory term.

“The new external auditors could only commence work after confirmation of their appointment on 22 July 2021 at the Company’s Annual General Meeting and this has inadvertently delayed the external audit review process and as such impacted on the publication timetable,” said CBZ.

It said its results will now be published by no later than 12 November 2021 after being granted extension by the ZSE.

Simbisa dropped 1.71% to settle at 9,805.93c. The company advised its stakeholders that settlement of Simbisa shares listed on the Zimbabwe Stock Exchange will be processed by the ZSE Depository with effect from 1 November 2021.

“The cut-off date for settlement through Chengetedzai Depository Company Limited will be 29 October 2021,” said the company in notice to shareholders.

Because of NTS and RioZim losses the Medium Cap Index retreated 2.44% to 22,306.68 points. NTS was the worst performer losing 14.28% to 700.00c. Gold miner RioZim plunged 10.25% to 3,500.00c and completed the top five losers set.

Banking counter NMB lifted 9.22% to 1,390.00c. Construction firm Masimba ended the day 8.32% higher to 5,500.00c. Hotelier African Sun, which appointed Emmanuel Fundira as the new chairman following the retirement of Alex Makamure, added 3.94% to 1,100.00c.

The Small Cap Index lost 1.59% to 319,126.12 points.

Elsewhere on the price sheet, Zeco added 100% to 0.24c. Medtech, which is trading under caution, gained 6.66% to 21.93c – Harare



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