ZSE opens the week in zig-zag flow

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*Performance Charts incl (ZSE indices, ZSE Value Traded, Interbank)

It has been a see-saw month on ZSE to date with a thoroughly inconsistent currency. The market close in gains in last week ending, only to be whittled away by week opening, today’s close. The All Share Index tumbled by -0.42% to close at 1514.93points driven by a surge in the Top 10 market heavies which slumped by -1% over-weighing the 0.38% surge in small caps. The meandering flow of the stocks over the week came in as the ZWL halted its 7-week long streak of gains by a marginal -0.005%. Meanwhile, last Friday witnessed the official launch of the USD denominated stock market, VFEX, in the resort town of Victoria Falls.

By mid-year, just before the stock market was suspended, the counters had collectively gained about 670% in value on the back of excess liquidity in the economy. The liquidity has since receded, following the introduction of the Currency Auction system, subsequently curtailing the gains by >100points to 558.44%.

A set of 11 counters emerged laggards in the session in which 27 counters actively exchanged hands. SeedCo performed the worst on plunging -11.95% to close at 1510c after SeedCo International became the first counter to list on VFEX. Truworths followed on tumbling for a 3rd straight session by a further -9.93% to close at 13.15c while Econet slumped for the 11th consecutive session by a further -5.53% to settle at 400.82c. OK Zim partially reversed prior session gains by -3.97% to settle at 460.95c leaving First Capital Bank to cap the Top 5 laggards pack at 50.09c upon softening by -2.59%, a 2nd loss in a row.

On the upside, a pack of 10 counters came out as risers with Proplastics leading the set at 570.99c after adding 15.92%. Dairibord wholly countered its prior performance on notching 5.75% to settle at 900c while Star Africa emerged 3rd best performer on surging 5.56% to close at 19c. The duo of Willdale and Meikles capped the Top 5 risers set on respectively improving share prices by 4.17% and 0.33% to close the market at 25c and 1515c.

Total turnover improved by 99% from prior record to $58.34 million while volumes relatively surged by 46%. Delta led turnover contribution at 39% of the total, trailed by Innscor, Econet, Axia and Proplastics respectively.

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