Local bourse extends losing streak as demand comes off

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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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