- The bourse declined by 0.34%
- Proplastics closed lower at $28.0000
- Delta Corporation was firmer at $87.6120
Harare - The stock market turned lower on Tuesday to close up the session in the red despite the positive kick start to the week which was followed by the injection of a near $US1 billion dollars from the International Monetary Fund that is expected to boost foreign currency liquidity and the economy.
Despite Monday's pull-back from last week's negative run, the local bourse witnessed a decline of 0.34% on Tuesday to close at 6,823.60 points from 6,846.66 points gained on Monday.
Headlining the losses was the leading plastic pipes and fittings manufacturer, Proplastics which closed lower at $28.0000 after shedding $5.0000.
The company has successfully commissioned its state-of-the-art new factory and automated mixing plant at its Harare manufacturing facilities last month and also posted 71 % export volumes growth amid strong sales volumes performance in the quarter ended March 31, 2021 in May this year.
Diversified conglomerate, Innscor Limited declined $4.3543 to close at $95.0136 while local seed producer and marketer giant SeedCo traded lower at $2.6827 to end at $74.9550.
SeedCo, last month 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.
Meanwhile, the fast foods counter Simbisa Holdings tumbled $0.9533 to close at $39.0205. In May this year, the company announced plans to add almost 50 new outlets across its operations to increase counters under its stewardship to 560 by next year.
Other losses were propelled by the retail and hospitality firm, Meikles Limited which shed off $0.6993 to close lower at $89.9573.
Recently, the Group reaffirmed its plans to unbundle Tanganda Tea Estates and separately list it on the Zimbabwe Stock Exchange to unlock the value of the capital invested in crop diversification for the shareholders.
However, trading in the positive was the beverage maker, Delta Corporation which added $0.8962 to close at $87.6120 while Cassava Smartech traded firmer at $0.8090to end at $16.9373.
Telecoms giant Econet Wireless firmed up by $0.8039 to close at $39.1187.
Recently, the counter announced a partnership to implement Ericsson’s Learning Services Digital Platform for Econet’s employees that enables Econet to utilize the Learning Services Digital Platform ensuring unlimited and uninterrupted access to Ericsson’s eLearning content available in the global Ericsson training library.
Clothing firm, Edgars scaled up by $0.3820 to close at $3.7554 while Zimre Holdings increased $0.0895 to end firmer at $4.0929.
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