Daily Comment 11.07.17

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    The ZSE benchmark index took a breather on Tuesday snapping a 13 day rising streak. The index eased by 0.18% to close at 197.92 rolling back after earlier indications pointed to hitting the psychological 200 points mark in under 2 weeks. The mainstream losses were largely driven by heavy cap losses. The mining index closed stable at 69.98.

    Despite the market plunge the overall number of active counters improved from 17 yesterday to 21 counters in today’s session.  An increased number of stocks at 5 closed in the negative territory while 11 counters went up.

    Dairibord was the session’s top riser notching 8.37% to close  at 6.99c. The milk producer has gone up by a respectable 16.5% year to date. Closely trailing was ZPI which recouped prior losses as it went up by 8% to 1.35c.

    CFI, which is at the centre of a heated shareholder tussle defied market noise rising by 7.14% to close at 18c. Despite the turbulence as the Rudlands and NSSA battle against Nic Van Hoog the  counter has soared a significant 84.8% year to date. This in part is attributed to counter bids by either sides as they scale their respective holdings in the company. .

    Ok and Proplastics  gained 3.16% and 2% each to 9.80c and 5.10c respectively while heavy caps Delta and Econet featured among the risers.

    Among the losers was  Meikles which waned 19.83% to close at 20.05c. The counter touched a top price of 30.92c after announcing improved earnings and a possibly acquisition deal by Alwardy of Dubai. Talks over the acquisition has since faltered.

    FML pared by 11.02% to 10.5c as it takes a breather in a year where it has enjoyed a tremendous rally. Seedco Axia and Old Mutual capped the fallers set.

    Turnover went up by 28.9% to $1.2 million from the prior session. Delta, Econet Old Mutual , CBZ and Padenga were the top value contributors. The total number of shares traded in the session came in at 4.7 million.

     

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