• Tue. Apr 23rd, 2024

Stuttering big caps see ZSE extend losing streak

ByEconomic Times

Nov 9, 2022

By ETimes

The local bourse extended its losing streak on Tuesday by 0.70% due to losses in some highly capitalised stocks.

The market closed negative with 15 laggards relative to 6 gainers. The mainstream ZSE All Share was off 0.70% to close at 14,945.66 points.

Ecocash led the losers’ chart in percentage terms by 4.18% to close at $40.00.

Simbisa shed 2.43% to close at $230.06. The company is in the process of launching its new beer product under the Nyathi brand name. Obvious will see how the market reacts considering that the opaque beer industry is dominated by Delta.

Telecoms giant Econet was 1.95% lower at $85.30.

Cigarette manufacturer BAT lost 1.66% to end at $2950.00 amid investigations by the Zimbabwe Anti-Corruption Commission on the company over allegations of fraudulently underpricing tobacco exported from the country, resulting in the loss of millions of dollars.

Banking counter CBZ eased 0.67% to $132.00. As a result, the Top 10 Index retreated 0.70% to 14,945.66 points.

None of the heavyweight counters appeared on the gainers table, which was led by Proplastics, which added 12.82% to $32.00. Banking counter FBC gained 12.50% to close at $63.00. Hotelier African Sun was up 3.65% to $26.94. This saw the Medium Cap Index rise 0.73% to close at 33,848.66 points.

On the other hand, Starafrica fell 3.65% to $1.83, First Capital Bank lost 2.90% to $9.39 and Mash Holdings was down 2.54% to $7.81.

The Small Cap Index gained the most, by 1.14% to 518,789.25 points. Turnall and Edgars added 11.71% and 3.33% to $3.91 and $7.75 respectively.

The Mining Index suffered the most, falling by 3.45% to close at 25,478.67 points. Gold miner RioZim plunged 3.45% to $140.00.

Market turnover improved from yesterday’s $152.39 million to $247.32 million in 232 trades. The market capitalization increased by $13.85 billion to $1.80 trillion.

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The Cass Saddle Agriculture ETF and Morgan & Co Multi Sector ETF remained flat at $2.0000 and $21.6500 respectively. The Datvest ETF was down 2.82% to close at $1.6986.

The Old Mutual ZSE Top 10 gained 2.09% to $5.9877 while Morgan & Co Made in Zimbabwe traded 3.04% higher at $1.0922.

There were no trades on the VFEX –  Harare

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