BAT shines as ZSE registers 8th straight daily record highs

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  • Local bourse increased by 294.4 points
  • Year to date gains at 278.55%
  • BAT emerged as the top performer on surging 20%

Harare – The All Share Index sustained record momentum in Tuesday trades on gaining 294.4 points to close at 9,979.75 points with the British-American Tobacco (BAT) leading the risers as hedge seeking continues amid the fears of economic decay arising from rapid local currency devaluation.

On the recent foreign exchange auction market, the local currency witnessed its biggest downfall against the greenback on trading ZWL90 against a single United States dollar, the widest loss since the beginning of the year.

Year to date gains stretched to up to 278.55% while month to date gains surged to 16.31%, which is the second highest monthly performance in five months.

At close day, tobacco products maker and marketer, BAT emerged as the top performer on surging 20% to $2,865.60, followed by the financial stock, First Capital Bank which stretched its gaining streak to three successive sessions by a further 7.48% to settle at $3.5827.

The biggest telecoms operator in Zimbabwe, Econet Wireless extended its gains to nine straight sessions on increasing by 6.21% to $66.506 with Axia Limited holding the fourth spot on firming 4.97% to settle at $30.4496 widening the trajectory to six successive sessions.

Capping the top five risers was the largest retailer, OK Zimbabwe which notched 4.83% to $22.8308. The counter has extended its trading gains to a seventh straight session.

However, trading in the negative was the hotelier, African Sun which emerged as the worst performer in the session on declining by a further -15.75% to close at $9.0923.

The plastic products manufacturer and marketer, Proplastics extended the downward trend on easing -5.41% to $25.3865 trailed by the brick manufacturer, Willdale which dived downward for a third consecutive session on succumbing -2.36% to end at $4.1005.

Other losses were sustained by the hospitality counter, Rainbow Tourism Group which fell by -1.69% to settle at $5.8000 while the banking top-dog by assets and deposits, CBZ Holdings countered its prior session gains to close lower at $95.0500 after decreasing by -95% to cap the top five laggards.

Equity Axis News

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