By ETimes
HARARE – Trading activities on the floor of the Zimbabwe Stock Exchange (ZSE) turned bearish for the fourth consecutive trading session on Wednesday as investors are waiting for clarity on new currency proposals.
The mainstream ZSE All Share Index dropped 4.72% to close at 524,886.21 points. Accordingly, market capitalisation declined 4.34% to $39.12 trillion.
Market breadth closed negative as 10 counters lost relative to 6 gainers.
The Top 10 Index suffered the most, dropping 6.07% to close at 230,332.70 points.
The Medium Cap Index lost 0.77% to end at 2,222,842.18 points, while the Small Cap Index was flat at 9,851,268.27 points.
Market turnover increased 613.51% to $7.36 billion. A total of 25 million shares worth $7.36 billion were exchanged.
ZHL led the activity chart with 25.51 million shares traded for $3.91 billion. This comes as the Mutapa sovereign wealth fund has been given permission by the competition authorities to acquire businessman Hamish Rudland’s majority share in ZimRe.
Mutapa acquired 33.8% of the company from Day River Corporation, which Rudland used to control ZimRe. The government already owned 18% of the business and exerted influence via the National Social Security Authority, which had a 15% stake in the firm.
Nampak followed with 1.78 million equities transacted for $893.75 million.
Morgan & Co Multi Sector ETF was nearly flat at $599,9522. On the other hand, OML ETF gained a negligible 0.09 percent to settle at 80,2883. There were no trades recorded in other ETFs.
There was bloodshed on the VFEX. African Sun was the worst performer, down 6.25% to close at US$0.0300. The hotelier led the most traded equities with 49.95 million shares worth US$1.49 million.
Simbisa fell 3.02% to US$0.3400 while Padenga eased 1.06% to close at US$0.1400.