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    ZSE closes Monday in the red on heavyweight losses

    By ETimes

    For the fifth consecutive session the market continued to struggle for direction. The mainstream ZSE All Share Index opened the week 1.04% weaker to close at 22,662.92 points.

    A negative market breadth was registered as 19 counters traded in the negative relative to 10 gainers.

    Hippo led the losers’ chart in percentage terms, dropping 15% to $331.50. Ecocash fell 3.55% to close at $106.92. As a result, the Top 10 Index retreated 1.38% to close at 14,501.91 points.

    Gains were recorded in CBZ which added 2.43% to close at $117.15 after hints on potential merger with ZB Holdings Limited.

    The Medium Cap Index was down 0.20% to close at 41,248.48 points. Hotelier African Sun eased 8.18% to end at $19.09. First Capital Bank which lost 3.84% to finish at $12.01.

    On the other hand, TSL, Edgars and Axia climbed 4.35%, 2.53% and 2.31% to close at $120.00, $4.51 and $122.77 respectively.

    Media group Zimpapers recorded the highest gain to lead the gainers’ chart, gaining 15% to $5.75. This saw the Small Cap Index rise 2.64% to close at 41,248.48 points.

    Turnover stood at 177.04 after 2.83 million shares traded. Market capitalization declined from Friday’s $2.8 trillion to $2.79 trillion.

    On ETFs, the Datvest Modified Consumer Staples lost 3.79% to close at $2.1800 while the Morgan & Co Multi-Sector was off 9.41% to close at $25.0000. The Morgan & Co Made in Zimbabwe was up 0.43% to finish at $1.1700. In the same vein, the Old Mutual ZSE Top 10 added 6.82% to close at $10.6100.

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    Meanwhile, the price of bread is poised to go down after the apex bank engaged the Bakers Association of Zimbabwe. To keep the bread price stable, bakers will now access the full requirements of foreign currency from the auction system.

    “Taking into account the submissions by the Bakers Association and the need to stabilise the price of bread, the Bank agreed with the Bakers Association that its members would access their full requirements of foreign exchange through the weekly foreign exchange auctions for the importation of inputs and procurement of fuel for the distribution of bread across the country,” said RBZ governor John Mangudya in a statement.

    “In view of the positive engagement with the Bakers Association, it is expected that members of the Bakers Association will review the price of bread downwards.” Going forward, the price of bread will be adjusted on account of economic fundamentals that include global price trends of inputs and the movement of the foreign currency exchange rate.”

    The price of bread had increased to over $600 – Harare

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