Stocks halt five-day decline

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  •             ZSE halts a 5 day losing streak
  •             ZSE ASI shed 100 points since August
  •             ZW$ gains likely to impact trading performance

The stock market halted a 5-day long losing streak on rising Tuesday, 3 days before the official launch of Vic Falls Stock Exchange. Gains came in across segments with the Top 10 counters recovering by 1.87% while the small caps sustained gains on adding 3.09%.

The All Share Index surged 1.11% to settle at 1499.75 points. The bourse which, at its best touched a high of 640% in year to date gains, has now shed almost 100 percentage points to about 550%.

Sharper losses in August and a generally weak performance in October, has sustained the losing momentum.

A total of 37 counters exchanged hands in the session, from 26 in the prior session and of these, 12 emerged risers. The duo of Fidelity Life and Willdale came out best performers at 20% each to settle at 138c and 24c in that respective order.

Powerspeed added 16.13% to close at 180c while peers, CBZ and FBCH, capped the Top 5 risers’ pack at 4116.37c and 1450c apiece after notching 8.33% and 3.57% respectively.

A pack of 16 counters lost ground and these were led by Axia which eased by -4.9% to close at 379.43c. Nampak closely followed on slumping -4.76% to close at 100c while BNC softened for a 3rd consecutive session to settle at 370c.

The duo of market heavies, Delta and Econet, capped the Top 5 laggards set on easing -1.98% and -1.71% apiece to close the market at 1488.64c and 436.95c in that order.

Total turnover went by 13.4% to $77.77 million while volumes increased by 62%. Innscor led turnover contribution, trailed by Econet, Delta, OK Zim and CBZ respectively.

Equity Axis News

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