• Mon. Sep 25th, 2023

Equites shrinks further as investors lose $61.47bn

ByEconomic Times

Oct 7, 2022

By ETimes

The local bourse closed on a bearish note on Thursday as market capitalization closed at $1.66 trillion, down from $1.72 trillion the previous day, a loss of $61.47 billion. The performance of the market was largely driven by the negative outing of heavyweight stocks such as Delta, Econet and Innscor.

At the close, the mainstream ZSE All Share Index closed at 13,632.14 points, down from 14,079.81 points on Wednesday, representing a decline of 3.18%.

However, positive market breadth was recorded as 14 gainers emerged relative to 12 laggards.

Beverage maker Delta was the worst performing stock, declining by 10.47% to close at $204.42. Econet shed 10.03% to settle at $90.01. Innscor slid to $270.08, recording a 9.48% decline. This saw the Top 10 Index fall 5.29% to 8,108.26 points.

Bucking the trend was NatFoods, which gained 9.09% to $1200.00.

The Medium Cap Index recovered 1.89% to close at 29,405.77 points. FML went up 14.72% to close at $27.53. Frist Capital Bank added 13.89% to $10.29. Construction firm Masimba rose to $72.00, notching up 10.85% in the process.

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Partially offsetting the gains was RTG, which eased 9.78% to close at $7.03.

Cement maker Lafarge, which announced a delay in the publication of the interim financial results for the half year ended 30 June 2022, did not trade.

“The interim financial results were due to be published on or before 30 September 2022, and will now be published on or before 31 October 2022 following the granting of an extension of time to the Company by the Zimbabwe Stock Exchange,” reads the notice to shareholders.

“The delay is due to review work being undertaken by the company‚Äôs new external auditors.”

Clothing retailer Truworths led gainers, appreciating by 14.89% to close at $2.54. As a result, the Small Cap Index garnered 0.24% to close at 495,776.26 points.

Losses were recorded in GB Holdings, which lost 8.13% to $2.00.

On the derivatives market, the OM ZSE Top-10 ETF gained 0.92% to close at $5.2346 while the Cass Saddle Agric ETF remained flat at $1.8051.

On the flip side, the Datvest ETF lost 0.97% to close at $1.7414, the Morgan &Co Made in Zim shed 0.88% to $1.2886 and the Morgan & Co Multi-Sector climbed up 3.96% to $27.1765.

Altogether, 1,184,100 shares valued at $146,853,269 were traded in 312 deals. Innscor was the most active stock after trading 176,200 shares valued at $47,589,270 – Harare

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