African Sun dips 16% as profit-taking takes toll

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  • African Sun emerged the worst performer to close at $8.0000
  • ZSE closed at a three-week low of 11,146.97 points
  • Losses were spun across all indices

Harare – Hospitality group, African Sun Limited emerged as the worst performer on Tuesday’s trading session on succumbing 16.40% on the Zimbabwe Stock Exchange (ZSE) to finish the day lower at $8.0000.

The decline comes amidst the worst ZSE’s monthly performance for the year as losses widened to a three-week low due to profit taking sustained sell-offs in the wake of a consistently depreciating local currency.

ZSE closed at a three-week low of 11,146.97 points on dipping 3.27% with losses spun across all its indices. Market heavies stimulated the losses on declining by 7.31% followed by the Medium Cap which slumped from the prior session gains by 2.40% with the Small Cap easing 2.40%.

On the Exchange Traded Funds (ETFs), the Old Mutual ZSE Top 10 inched $0.0004 down to $5.2888.

Meanwhile, trailing African Sun was the transport holding firm, Unifreight Africa Limited which went done by 11.76% to settle at $30.0000 followed by largest telecoms operator, Econet Wireless Zimbabwe which shed 10.32% to land at $63.0019.

Other losses were recorded by the largest retail operator, OK Zimbabwe which tumbled 9.45% to $26.115 shunning its prior session gains.

Capping the top five laggards was the nickel giant, Bindura Nickel Corporation which buttressed its prior session losses by 7.86% to close at a two months low of $4.3598.

However, trading in the positive territory was Medtech Holdings Limited which buttressed its previous session gains on jumping 6,129.95% to end firmer at $35.3986.

Paper manufacturer, Nampak Zimbabwe Limited inched up 9.54% to $11.0000 while the financial stock, NMB Limited was stronger at $10.5000 after increasing 4.45%.

Hospitality, Rainbow Tourism Group gained 2.76% to close at $5.6600 and ZIMRE Holdings capped the top five gainers on adding 2.55% to $3.9999.

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