Stocks trade sideways as CBZ dominates turnover


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

The ZSE market reversed prior session losses as it struggles to find direction. The All Share Index surged 1.95% to close at 1505.15points on the back of rising market heavies. Small caps performed inversely to the Top 10 market heavies, as has been the trend. Despite choppy trading, the ZSE maintains a comfortable 542% year to date gain largely accrued over the first 6 months period of the year. The ZSE performance has largely been informed by exchange rate dynamics. In recent weeks the exchange rate has performed relatively stable to other global currencies in formal trades.

Up from 31 in the prior, an aggregate of 34 counters exchanged hands in the session, with 11 of these driving performance higher. Financial stock, CBZ, topped the list with a 10.64% gain to settle at 4445.10c, a 2nd straight session gain. Innscor trailed closely, adding 10.03% to settle at 2091.38c. ARTZDR wholly recouped prior session losses on notching 3.10% to close at 230c while Truworths extended gains to a 2nd straight session by a further 3.03% to close at 17c. Cassava Smartech capped the Top 5 risers’ set for a 2nd time in a row on surging 1.1% to close at 389.88c.

A set of 15 counters partially weighed on the market, led by Dairibord which slumped -7.41% to settle at 833.33c. Hippo countered prior session gains on losing -6.48% to close at 1402.78c while NMB emerged the 3rd worst performer on losing -5.19% to close at 284.44c Clothing retailer, Edgars, shed -4.2% to settle at 90c while BNC capped the Top 5 laggards pack at 380c/share after softening -3.8%, reversing prior session gains ahead of the Friday AGM.

Total turnover rose by 366% from prior record to $52.08 million while volumes relatively slumped by 149%. CBZ led turnover contribution for a 2nd consecutive session, trailed by Innscor, Econet, Meikles and Delta respectively.

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