• Sun. May 26th, 2024

OK Zimbabwe shares gain despite delay in full year results

ByETimes

Sep 27, 2023

By ETimes

HARARE – Despite issuing a notice concerning the delay in the publication of the audited financial results for the year ended 31 march 2023, shares of retail giant OK Zimbabwe gained 3.05% to close at $124.13.

Its market capitalisation stood at $155 billion.

The retailer began the year with a share price of $32.31 and has since gained 284% on that price valuation, ranking it 34th on the Zimbabwe Stock Exchange (ZSE) in terms of year-to-date performance. 

“The Board of Directors of OK Zimbabwe Limited hereby advises its valued shareholders, the investing public and other stakeholders that OK Zimbabwe Limited shall delay the publication of its audited financial results for the year ended 31 March 2023,” Margaret Munyuru, group company secretary, said in a notice to shareholders.

“The financial results were due to be published on or before 30 June 2023 and will now be published on or before 28 September 2023 following the granting of an extension of time to the company by the ZSE. The delay is consequent to unforeseen challenges associated with the Company’s migration to a new Enterprise Resource Planning System which prolonged the conclusion of the year-end external audit review process.”

At the close of trades, the mainstream ZSE All Share Index continued with its northward movement, rising by 3.07% to close at 120,227.42 points.

The market breadth closed positive as 11 stocks posted gains while 4 stocks posted declines.

The Top 10 Index gained the most, up 4.15% to close at 51,788.38 points.

The Medium Cap Index added 1,49% to finish at 502,136.55 points while the Small Cap Index was flat at 2,282,585.59 points.

About 1.11 million shares were traded, valued at $677.7 million.

By ETimes

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