Stocks struggle for direction as Zimdollar losses widen


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

The stock market quickly flipped part of the prior session gains as the market continues in zig zag. The bourse was seen closing at 1496.97 which is 0.54% below the prior close. Wednesday’s losses came after the local currency lost to the USD by the widest margin in 3 weeks, in Tuesday’s trades. The currency has however largely held against the USD over the last 10 weeks. Despite choppy trading, the ZSE maintains a comfortable 551% year to date gain largely accrued over the first 6 months period of the year.

An aggregate of 23 counters exchanged hands in the session, from 31 in the prior, with 13 lagging in value. Innscor performed the worst on slumping -6.59% to close at 1953.50c, reversing prior session gains. Willdale trailed on tumbling -4% to settle at 24c while Dairibord settled at 800.17c on softening -3.98%, a 2nd consecutive decline. First Capital Bank countered prior session gain after easing by -3.38% to settle at 52.04c while Ariston capped the Top 5 laggards set at 130c/share on plummeting -1.74%.

A handful set of 6 counters emerged risers led by Axia which rose 5.5% to close at 394.78c. SeedCo surged 2% to settle at 1700c followed by Masimba which gained 1.96% to settle at 260c, countering prior session gains. Meikles extended gains to a 2nd straight session adding 1.06% to close at 1536.10c leaving Simbisa to cap the Top 5 risers’ pack after adding 0.68% to settle at 622.43c.

Total turnover fell by -40% from prior record to $31.44 million while volumes relatively decreased by -9%. Econet led turnover contribution at 45% dominance of the aggregate, trailed by Meikles, Delta, Padenga and Cassava Smartech respectively.

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