- Market heavies stimulates recovery in week-opening session
- Penny stocks in sustained profit-taking
- Turnover closes at a 3-week low
Harare - Despite a profit-taking induced bloodbath encountered in the prior week, the Zimbabwe Stock Exchange(ZSE) has opened the week in black after registering a 0,39% increase to 6,846.66 points from 6,820.36 points last week Friday, driven by gains propelled by market heavies.
Headlining the gains was Zimbabwe’s largest milk processor, Dairiboard Limited which traded stronger at $5.1747 to close at $41.1964 after recovering from the loss of $3.7450 encountered last week Friday.
The company issued an announcement in the prior year on its intentions to merge with Dendairy for a conglomerate, a move which is still pending finalisation.
Banking counter, Getbucks, settled at $10.00 after a surge of $1.45 while telecoms giant, Econet Wireless, extended its gaining streak to 3 consecutive sessions as it scaled up by $0.6167 to close at $38.3148.
Beverages giant, Delta Corporation, closed stronger at $86.7158 after buoying $0.4009 while retail blue-chip counter, OK Zimbabwe, gained $0.1675 to close at $16.6617.
The retail outlet reported a 49% revenue increase in its Trading Update for the 3rd quarter ended 30 June 2021, aided by a surge in aggregate demand across key product categories.
On the downside, conglomerate counter Meikles Limited, slipped from previous week’s gains after easing $1.2934 to close the session at $90.6566.
The company last week reaffirmed its plans to unbundle the agricultural business, Tanganda Tea Company Limited, and for a separate listing on the local bourse, ZSE.
Banking giant by assets and deposits, CBZ Limited, closed lower at $85.6496 after declining $0.8007.
In the prior month, the bank upgraded its digital banking platforms- CBZ Touch and CBZ Pay, as it seeks to enhance customer experience and security when transacting.
Heavyweight conglomerate, Innscor Limited, closed lower at $85.6496 after slumping by $0.5878 while TSL shed off -$0.5500 to settle at $49.00.
Leading seed producer and marketer company, SeedCo, tumbled by -$0.2618 to close at $77.6387.
In July this year, the Company announced plans to procure 10 000 doses of Covid-19 vaccines for its workers and key stakeholders as part of an initiative to promote public health and safety against the disease.
The ZSE Mining retreated by -30.47 points from the previous 5,959.57 points to settle in red at 5,929.10 points.
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