By ETimes
The first trading session in the month of September ended on the green side as the local bourse halted four consecutive negative outings as positive outings in CBZ and other mid-tier caps pushed the mainstream ZSE All Index upward.
While many stocks appearing cheap to the market are actually companies in deep crisis, market watchers say “they are losing market share, revenue, profits, and skills.”
At the close, the ZSE All-Share Index inched up by 0.31% to close at 13,747.45 points. The bulls’ camp maintained dominance over the market breadth with 16 counters in the gainers’ chart pitted against 12 counters in the losers’ chart.
CBZ, the financial services giant, gained 11.92% to finish at $156.68, bringing its year-to-date gain to 108.44%.
The Top 10 Index recovered 0.26% to end at 8,230.73 points, although a loss was recorded in EcoCash of 7.75% to $33.06. The stock was the worst performer.
Banking counter First Capital Bank led the gainers chart in percentage terms with 14.93% to close at $8.62. Horticulture exporter Ariston followed with 12.61% to end at $2.70, while brick maker Willdale added 2.56% to $2.00. As a result, the Medium Cap Index gained the most after it closed 0.42% higher at 29,149.75 points.
Partially offsetting the gains were FMP, Proplastics and Afdis which lost 5.33%, 1.83% and 1.59% to close at $5.68, $21.40 and $310.00 respectively. Also, Nampak eased 1.32% to $9.50.
The Small Cap Index was up 0.18% to close at 500,174.12 points on GB Holdings, which climbed 4.14% to close at $1.61 after issuing a notice relating to majority shareholder Jemaimah Synergies (Pvt) Ltd’s cash offer of ZWL2.21 per share held to minority shareholders.
Turnover declined from yesterday’s $344.16 million to $124.73 million, mainly coming from Delta at $47.26 million, SeedCo at $17.68 million and Dairibord at $10.14 million.
The market capitalization of equities rose to $1.69 trillion at the end of trading from $1.68 trillion the previous day.
On ETFs, the Morgan & Co Made in Zim gained 1.63% to close at $1.2500, while the OM ZSE Top-10 ETF added 0.97% to settle at $5.6300. On the downside was the Datvest ETF, which eased 1.55% to end at $1.4000.
Cass Saddle Agric ETF and Morgan & Co Multi-Sector were both flat – Harare