• Fri. Apr 19th, 2024

ZSE starts the week in red, Investors lose $78.68bn

ByETimes

Nov 14, 2023

By ETimes

HARARE – The Zimbabwe Stock Exchange (ZSE) opened the week on a negative note as the mainstream All Share Index (ASI) dropped by 0.94% to close at 172,243.41 points.

Accordingly, investors lost $78.68 billion to close the market capitalization at $13.84 trillion.

Market breadth closed at par with 8 gainers and 8 losers.

EcoCash was the most traded stock by volume at 8.78 million units, while OK Zimbabwe topped by value at $1.12 billion.

The Top 10 Index suffered the most, dropping 1.77% to close at 75,247.33 points. OK Zimbabwe was the most profitable stock, appreciating by 11.29% to $189.32.

EcoCash was the worst-performing stock, dropping 10.74% to close at $115.13.

The Medium Cap Index was the only gainer, up 0.82% to finish at 718,932.08 points.

The Small Cap Index was flat at 5,343,533.69 points.

Altogether, 19.50 million shares, estimated at $3.08 billion, were traded in 164 deals.

Market turnover rose 224.05% to $3.08 billion.

While the trading week is off to a tepid start as stocks slide lower, the performance of the market has been an echo of the current bearish sentiments dominating the local economy. ETimes envisages cautious buying as macro-fundamentals show profit-taking is picking momentum.

On the VFEX, Axia gained 1.85% to close at US$0.0550. Innscor Africa Limited appreciated by 2.96% to close at US$0.4344. Simbisa was up 2.22% to end at US$0.3486.

Also, there will be mandatory sustainability reporting for companies listed on ZSE and VFEX from 1 January 2024, following the release of Practice Note 2 by both exchanges.

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By ETimes

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