By ETimes

The Zimbabwe Stock Exchange closed 3.42% in the red on Wednesday, dragged down by ICTs and Conglomerates.

Directionless of the stock market continues to come just a day before the national budget, to be delivered by finance minister Mthuli Ncube on November 25. Ncube promised a pro-poor 2022 national budget.

The overall 2022 Budget Envelope is estimated to be at least $1 trillion considering the inflationary pressure in the market.

Experts say the budget statement should work around addressing the cost of fuel, most expensive in southern Africa, as it feeds into the cost of production across every sector in the market. Also the treasury chief is expected to address the currency conundrum which pose a threat to business performance among other issues.

Meanwhile, the mainstream All Share Index lost 3.42% to 10,765.64 points. The Top 10 suffered most as it succumbed 4.67% to 6,702.24 points.

Telecoms giant Econet led the top fallers with a 12.48% loss to 5,513.85 cents leaving its year to date gain at – 480.70%. Fintech giant Cassava followed, slumping 8.77% to 4,479.11 cents. Conglomerates Meikles and Innscor plunged 8.30% and 7.76% to settle at 17,500.00 cents and 15,110.89 cents respectively.

The Medium Cap Index lost 0.46% to 20,991.50 points on FMP which eased 9.09% to 800.00 cents.

On the upside, NTS led the top gainers with a 30% rise to 780.00 cents, leaving its year to date gain + 2741.53%. Banking counter FCB gained 12.47% to 355.64 cents. Nampak added 3.03% to close at 1,133.33 cents.

The Small Cap Index was down 0.25% to 387,706.77 points although a gain was recorded in Medtech of 25.28% to 4,434.70 cents.

The Mining Index was the only gainer after it recovered 1.77% to 6,409.34 points on BNC which was 3.21% higher to 449.98 cents.

A total of 15.42 million shares worth ZWL$239.42 were traded in 322 deals. Transactions in the shares of Econet topped the activity chart with 2.04 million shares valued at ZWL$ 112.72 million. Foreign investors were net sellers after disposing of ZWL$12.73 million against buys of ZWL$243 500 – HARARE

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