Cassava shares soar in mid-week trades after ZSE comeback

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  • Buttressed prior session gains to $45.2526
  • Gains spun across all indices
  • ZSE registered a record 3.58%
  • Year-to-date returns stretched to 336.95%

Harare – Shares in technological firm, Cassava SmarTech (rebranded to Ecocash Holdings) soared on Wednesday finishing with double digit gains as it bounced from a brief suspension that was enacted following the failure to publish year-end financials within stipulated time-frame. Cassava shares surged by 19.245 to hit $45.2526 headlining the ZSE’s top five risers.

The blue-chip which resumed trading of its stocks on ZSE on Tuesday this week following the uplifting of its suspension, registered two consecutive gains to close the gap opened during the suspension period.

Meanwhile, despite seeing a decline in revenue, assets and subscribers during the full year period owing to the impact of regulatory changes and of COVID-19 restrictions, its subsidiary, Steward Bank’s contribution remained stable and is expected to continue on the upward trend on the back of the system upgrade completed in April 2021.

With Cassava leading the gainers, ZSE registered a record 3.58% to close at an all-time high of 11,519.56 stimulated by market heavies as demand continues to escalate. However, other fundamentals remain too weak to sustain currency stability, a sentiment that has been driving stock prices amid hedge seeking.

Year-to-date returns stretched to 336.95%, with gains spun across all the main indices with month to date returns standing at 34.26%.

Following the tech-firm was the largest milk processor, Dairibord which went up for a fourth straight session on adding a further 15.94% to $52.0000 while the hotelier, Meikles Limited extended its gaining streak to five straight sessions after buoying 13.78% to end at $1163.5148.

Nampak buttressed its prior session gain, rising by 13.73% to settle at $12.6045 with Zimplow capping the top five risers on edging 12.83% to close at $24.8231.

However, on the downside, a total of 13 stocks partially weighed on the market, with the financial stock, FBC Holdings emerging as the worst performer on declining 5.97% to $30.0910 reversing its prior session gains, while the plastic products maker and distributor, Proplastics reversed its prior session gains by 3.06% to settle at $34.9000.

Other losses were recorded by the pharmaceutical counter, Medtech which countered its prior session gains on plunging -2.51% to close at $0.2056 followed by Ariston Holdings which fell by 2.40% to $3.6089.

Hospitality group, Rainbow Tourism capped the bottom five laggards on succumbing by a further 2.3% to close at$5.6600.

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