Stocks rerate on partial profit taking

In today’s session the ZSE had more losers to winners resulting in an industrials index loss which took its losing streak to 3 successive sessions. It is however still early to right off the ZSE rally which has stretched over a 4 months period as demand in top tier largely remain firm. The mainstream index dipped by -0.11% to settle at 515.32 while the mining index extended gains on adding 4.3% to 136.72.

2 miners Bindura and RioZim emerged among the top risers and in turn helped sustain the mining index rally. Star Africa emerged on top of the crest of today’s bears on losing -1.64% to close at 2.40. The sugar producer is 118.2% up year to date.

Trailing on the losers set was conglomerate Meikles which lost 2.05% to settle at 44c. The losses come as the company’s supermarkets division is expected to outperform in the half year period following growth reported at the joint venture TM Pick n Pay.

Barclays eased by -3.33% to settle at 8.70c as investors eye a mandatory offer to minorities post the acquisition of a majority stake by FMB.

Insurer First Mutual dipped by -9.09% to settle at 20c while Art capped the losers set on paring -14.29% to 6c.

Among the top performers was Bindura which added to prior gain after rising by 14.04% to close at 5.36c. Hippo and SeedCo followed on adding 4.17% and 2.90% to close at 175c and 310c each in that respective order.

CFI and RioZim capped the risers set, settling at 70.94c and 114.50c each after adding 1.34% and 0.44% in that respective order.

Turnover for the session was down by 45.77%  at $4.6 million, anchored by top cap trades. Econet, Delta, CFI, Old Mutual and Meikles were the top value contributors, in that respective order.

Equity- Axis

Equity Axis is an online financial media service platform focused on African markets offering real-time stock quotes, news, analysis and data.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.