Econet’s shares further sinks as ZSE succumbs to higher sell-offs

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  • Share price tumbled by 12.48%
  • This is November’s worst decline of 3.42%
  • Bindura Nickel Corporation’s positive performance rejuvenated

Harare – Largest telecoms operator, Econet Wireless Zimbabwe saw its share price dip by 12.48% to land in the negative territory at $55.1386 on Wednesday trades. The loss was an extension from prior session’s plunge of 10.32%, taking the blue-chip’s mid-week losses to 22.8%.

The decline comes at a time the local bourse is succumbing to profit-taking induced sell-offs causing a sharp decline in demand. ZSE depreciated by 3.42%, the widest loss since the beginning of the month to settle at a record low of 10,765.64 points.

 The month is headed to be the worst this year in price performance terms defying latest inflation data, which would have typically rallied the market further upwards. Losses were mainly stimulated by market heavies with losses spread across nearly all the ZSE’s indices.

Old Mutual’s ZSE Top 10 exited the suffocating zone on overturning the previous session losses by a marginal $0.0928 to $5.3816.

The day however, was a bad news for the dominant top-dogs as Cassava, Meikles and Innscor succumbed to blood-bath.

Deficits were also recorded by the financial stock, First Mutual Properties which eased 9.09% to $8.0000 with the heavyweight techno-firm Cassava SmarTech dwindling by 8.78% to $44.7911.

Diversified retail outlet, Meikles Limited lost 8.31% to close at $175.0000 while the diversified food processor, Innscor Africa Limited capped the laggards pack on tumbling 7.76% to $151.1089.

However, on the upside was the tyres distributor, National Tyre Services which advanced by a remarkable 30% to close at $7.8000 followed by the pharmaceutical firm, Medtech Holdings Limited which extended its gains by a further 25.28% to end at $44.3470.

Banking counter, First Capital traded in the positive at 12.47% to $3.5564 and the nickel mining giant Bindura Nickel Corporation overturned its prior sessions deficits on adding 3.21% to close stronger at $4.4999.

Capping the risers pack was the paper and plastic manufacturer, Nampak Zimbabwe Limited which increased 3.03% to close firmer at $11.3333.   

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