- 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.
Zimplow, which was $0.4543 weaker closed at $15.5016.
In the positive territory was also the clothing counter, Truworths which traded $0.1281 firmer at $2.1495
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