ZSE marginally slide in week opening session as US drugmaker announces 90% effectiveness on drug under trials


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

ZSE market opened the week extending see-saw movement, with the All Share Index marginally shedding off -0.13% to close at 1508.67points again failing to hold on to prior session gains. The bourse has been in oscillatory flow for a period of over 5 weeks highlighting investors’ mixed sentiment over the bourse’s outlook.

A stabilising exchange rate gives investor confidence of a positive outlook, coupled with a projected economic rebound in 2021 but COVID-19 uncertainties, economic fragility and a record of policy shifts makes some investors more risk averse and cautious. Despite choppy trading, the ZSE maintains a comfortable 556% year to date gain largely accrued over the first 6 months period of the year. In the US, markets went soaring on Monday after drug manufacturer Pfizer announced that its vaccine proved 90% effective after tests were conducted on 94 subjects.

23 counters in total exchanged hands in the session and of these, 8 came off. Truworths was the worst performer slumping -17.5% to close at 14c while Dawn settled at 65c upon plunging -7.14%. FBCH emerged 3rd worst on dwindling -5.45% to settle at 1300c with Ariston trailing by a -3.7% loss to close at 130c, partially reversing prior session gains. Padenga capped the Top 5 laggards pack at 1390.03c/share after softening -0.71%.

Countering the losses were gains in 9 counters led by First Capital Bank which countered prior session loss on adding 4.12% to settle at 52.78c. Innscor surged for a 3rd consecutive session to close at 2161.57c, posing a 2.89% gain in today’s session. Star Africa added 2% to close at 20.40c after issuing a cautionary statement highlighting that it is engaged in negotiations, which, if they materialise would have a fundamental impact on the company’s share price. Simbisa gained by 1.59% to settle at 640.04c, a 6th straight session of gains after announcing appointment of a new non-executive director. OK Zim capped the Top 5 risers’ set on notching 1.21% to close the market at 479.95c.

Total turnover declined further by -59% from prior record to $21.38 million while volumes relatively plunged by -65%. Delta led turnover contribution for a 3rd consecutive session, trailed by Econet, Cassava Smartech, Innscor and CBZ respectively.

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AfDisVirtual AGMescrowagm.com/eagmZim/Login.aspx13 November 20201230Hrs
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