Stock Market weakness persist

Source: Stock Market weakness persist | The Herald 29 AUG, 2019

Stock Market weakness persist

Enacy Mapakame
The Zimbabwe Stock Exchange (ZSE) weakness persisted as top cap counters dragged the indices down further in yesterday’s session.

The market’s heavy weights, the ZSE Top 10 Index backtracked 3,82 percent to 149,46 percent while the primary indicator, the ZSE All Share Index retreated 2,63 percent to 167,26 points on losses across the board.

The Industrials Index went down 15,24 points or 2,67 percent to 556,3 points as sell offs continued. At 269,55 points, Mining Index lost a marginal 0,06 percent.

Total market value went down 2,66 percent to $21,8 billion on losses in big cap counters.

Nearly 21 million shares worth $14,4 million exchanged, which was a 228 percent jump from prior session. The market’s top cap counters were the major value drivers. Simbisa, Delta, Old Mutual, Innscor and Econet were the top five value contributors for the session.

Although it was the biggest value driver, quick service restaurant group, Simbisa was also the biggest casualty of the day after giving up 13,93 percent to 60,04 cents while the market’s most expensive stock — BAT — was 11,79 percent lower to $30.

At 42,79 cents, Axia fell 8,96 percent while Cassava eased 4,9 percent to $1,22. Powerspeed wrapped up the week’s top five fallers with a 4,86 percent decline to 32,87 cents.

Also dragging the market were Delta and Econet that fell 2,99 percent to $3,10 and 3,26 percent to $1,20 respectively.

Industrial conglomerate, Innscor as well as Old Mutual fell 3,14 percent to $1,88 and 3,27 percent to $17,89 in that order.

Further losses were offset by gains in Willdale, TSL and Dawn that rose 8,7 percent to 2,50 cents, 7,5 percent to 75,25 cents and 3,9 percent to 4,8 cents respectively.

Financial services group, ZBFH ticked 3,233 percent to 62 cents while Mashonaland Holdings put on 2,09 percent to 4,40 cents.

Other gains were recorded in Padenga that advanced 0,3 percent to $1,65 after its shareholders approved the proposed transaction to acquire a majority stake in a gold mining firm, Dallaglio Investments.

On the resources side, RioZim retreated 0,10 percent to $2,22 while peers Bindura remained flat at 11,5 cents.

Also remaining unchanged were Zimpapers, Proplastics, NMB and CBZH that closed at 8 cents, 38 cents, 28 cents and 55 cents respectively.