Local bourse extends losing streak as demand comes off


The stock market which garnered gains in each session of the prior week, halted the stride in Monday’s session and extended losses to the Mid-Week session. ZSE posted its largest weekly gain in 10 weeks last week following the launch of a 5-year economic blueprint, the NDS and some investors are taking early profits. The ZSE All Share Index retreated by -1.67% to close at 1574.03 points in today’s session. Losses were stimulated by market heavies as VFEX fails to initiate trades in more than a month. Elsewhere positive trading updates by listed companies are also contributing to positive stock market performances, coming after a protracted period of market wide volumes loss.

2 ticks down from prior record, an aggregate of 37 counters exchanged hands in today’s session where 16 lagged in value. BNC was the session’s worst performer on tumbling for a 2nd straight session to close at 300c. The counter lost -12.79% while Mashhold trailed on easing -8.32% to close at 55.01c. Beverages giant, Delta shed -7.87% to settle at 1823.89c.The counter has been on a freefall for 4 straight sessions. FMP slumped by -4.55% to settle at 210c leaving SeedCo to cap the Top 5 laggards set at 1799.92c/share upon dwindling -4.48%, a 2nd consecutive fall.

A pack of 12 counters partially countered losses with Masimba leading gains for a 2nd consecutive session, notching 19.92% to close at 359.46c. Nampak buttressed its prior 2 sessions’ gains by a further 14.14% to settle at 105.08c while Star Africa moderately countered its prior session’s loss by 8.88% to close at 27.22c. The duo of Powerspeed and First Capital Bank fractionally reversed prior losses by 8.83% and 7.33% apiece to settle at 206.78c and 59.03c respectively, capping the Top 5 risers’ set.

Total turnover rerated by -35% to $83.20 million in today’s session while volumes relatively plunged by -73%. Innscor led turnover contribution at 36% foothold of the aggregate, trailed by Econet, FMP, Padenga and SeedCo respectively.


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