ZSE closes another week in red

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  • All indices declined in performance
  • Penny stocks extended losses
  • SeedCo closed higher

Harare – The local equities market witnessed another loss-making week after a decline in performance for a second consecutive week, amid the scaling up of August month-on-month inflation to 4.2% against the central bank’s target of below 3%.

Before the two weeks in question, the local bourse rose to all-time highs across all indices, hence, the decline was due to heavy sell-off by investors as they try to take out gains.

The bourse closed last week Friday lower at 6,735.80 points from the prior day’s 6,774.61 after declining by -0.57% (-38.81 points).

Losses were recorded across all indices, with the penny stocks extending their negative streak from 227,457.73 points the prior day to 226,803.93, signalling a -654.58 in change points after declining -0.29%.

352 trades were made with non, constituting to foreign buys while foreign sales amounted to ZW$1,2 billion.

As a result, the market cap closed at ZW$802,2 billion while turnover settled at ZW$64,5 billion 

As the trade ended, championing the negative run was the banking counter, NMB which slipped by $2.2500 to close lower at $13.7500 while consumer staples manufacturer, Innscor Limited tumbled $1.7838 to end at $95.2931.

Meanwhile, telecoms giant Econet Wireless succumbed $1.6022 to close at $38.2554 with Simbisa Brands retreating $0.5025 to settle at $39.4975.

Zimplow, which was $0.4543 weaker closed at $15.5016.

However, on the upward side was the local seed producer, SeedCo which scaled up by $2.4382 to close at $77.0096 while regional cement maker, Lafarge traded firmer at $0.6667 to $94.0000.

Cassava Smartech inched up $0.2769 to end at $19.9991 while leading plastics pipes manufacturer, Proplastics buoyed $0.1386 to settle at $28.0000.

In the positive territory was also the clothing counter, Truworths which traded $0.1281 firmer at $2.1495

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