• Mon. Mar 4th, 2024

Investors lose $2.78 trillion as stock market bullish run ends

By ETimes

After a long bullish run, the Zimbabwe Stock Exchange closed a trading day in the bearish region as the All-Share Index crashed by 6.02% to close at 549,074.74 points from 572,092.73 points previously.

This marked a negative start to the week. It is noteworthy that investors have started taking profit, as 17 stocks recorded losses against 11 that recorded gains.

Equities lost about $2.78 trillion today as the market capitalization dropped to $44.53 trillion, from $47.31 trillion previously.

Overall, a total turnover of 3.2 million shares worth $8.41 billion in 387 deals was traded.

Econet was the most traded stock by value, with $3.68 billion worth of stocks traded followed by Delta and OK Zimbabwe with $2.57 billion and $491.79 million respectively.

The Top 10 Index suffered the most, falling by 7.37% to close at 242,330.46 points. CBZ was the biggest faller, issuing a 12th cautionary advising all shareholders and the investing public that the company is still engaged in negotiations for a potential acquisition of a complementary business, which may have a material impact on the value of its shares.

However, the Medium Cap Index gained a negligible 0.09% to end at 2,045,523.82 points.

The Small Cap Index shed 1.40% to settle at 9,807,750.94 points.

Datvest ETF gained 14.28% to close at $16.0000. OML ETF went up 0.75% to close at $98.1422.

Morgan & Co Made Multi Sector ETF added 0.11% to finish at $530.6000.

On the VFEX, there were 4 losers and 2 gainers. Hotelier African Sun appreciated the most, up 1.46% to close at US$0.0416. National Foods added 0.16% to finish at US$1.4825.

Padenga topped the list of losers, down 6% to close at US$0.1410.

Innscor Africa Limited plunged 2.29% to settle at US$0.4636.

First Capital Bank Limited eased 0.45% to settle at US$0.0219.

Simbisa shed 0.26% to close at US$0.3700-HARARE

By ETimes

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