• Sun. Apr 14th, 2024

OK Zimbabwe dips after results are delayed


Aug 3, 2023

By ETimes

Shares in retail giant OK Zimbabwe lost 7.55% after it had to delay its earnings report for the year ended 31 March 2023 which were due for publication on or before June 30, 2023.

“The major attributable cause of this delay is that the Company migrated to a new Enterprise Resource Planning (ERP) System at the beginning of the financial year under review, whose implementation has resulted in delayed finalisation of the Company’s Financial Statements,” the company said in a notice to shareholders.

“The Company and its External Auditors shall use best endeavours to ensure that the Audited Financial Results will be published by 31 August 2023.”

OK Zimbabwe was the biggest faller of the day, with the share price ending the session at $110.94.

After weeks of trading in the negative, the Zimbabwe Stock Exchange (ZSE) opened the new month in the green.

The ZSE All Share Index gained 2.44% to close at 117,551.66 while the market capitalisation increased by 3.69% to $9.32 trillion.

The Top 10 Index was up 2.6% to close at 53,277.42 points while the Medium Cap Index added 2% to close at 447,710.28 points.

However, the Small Cap Index lose marginally by 0.10% to end at 2,299,286.49 points.

Datvest Modified Consumer Staples ETF added $0.0064 to $8.4872. Old Mutual ZSE Top 10 ETF added $0.0209 to finish at $23.4857.

Cass Saddle Agriculture ETF shed $0.3800 to $6.4100 and Morgan & Co Made In Zimbabwe ETF lost $0.9500 to close at $5.500.

Morgan & Co Multisector ETF shed $0.0139 to $197.0000.

Tigere REIT remained unchanged at $200.0000.

There was bloodshed on the VFEX.

BNC suffered the most, falling 19.85% to close at US$0.0113. Innscor Africa Limited eased 11.49% to finish at US$0.3279.

Simbisa depreciated by 0.78% to close at US$0.3300 while SeedCo International fell 0.20% to US$0.2485 – Harare

By ETimes

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