Local Bourse extend gains to fourth straight session

  • ZSE increased 109.96 points
  • Blue-chips dominated the gains
  • Penny stocks extended the losing streak

Harare –  The local bourse continued to make headway after it added 109.96 points, a 1.62% increase from Thursday’s close to end the week in black for a fourth straight session as fundamental continued to override inflation in chasing value.

Market heavies furthered their positive run after increasing 2.29% to close at 3,723.60 points championed by gains in BAT and Cassava Smartech, while the penny stocks persisted with its downward trend as it further lost ground with -0,79 percent as market correction still appears far-fetched after the counters raced to near 2000% yearly gains.

As the trade ended, headlining the gains was the manufacturer and marketer of tobacco cigarettes, BAT which added 20% to end at $1.140.0000, while the leading technological counter, Cassava Smartech added 19.47% to close the week at $23.103.

The diversified conglomerate, First Mutual Properties buoyed $2.0000 to close at $27.0000 while the diversified food manufacturer, Innscor Africa advanced by $1.2139 to $101.2139.

 Beverages maker, Delta Corporation increased $0.96679 to close at $85.9638.

On the downside was the banking giant, ZB Financial Holdings which fell 16.67% to $80.0000 followed by the mining counter, RIOZIM which shed 15.15% to end at $28.0000.

Meanwhile, Zimbabwe’s largest bank by deposits and assets CBZ Holdings closed the week in red after it succumbed $2.7971 to $77.2029.

Canteens and fast foods giant, Simbisa Brands declined by $1.8661 to $42.1074. The Group recently opened a new branch in Redcliff on the eighth of this month as part of its business expansion drive.

Nampak was the least performer at $12.5000 after easing $0.5000 to close the week in negative territory.

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