- The local bourse closed at a 5-week low of 6652.31 points
- August recorded the worst performance at -2.4%
- Losses were spun across all indices
- Seed Co closed firmer at $78.0000
Harare - The local bourse closed at a 5-week low of 6652.31 points in yesterday’s session after dipping -0.98% from 6,718.29 of the prior session close.
Meanwhile, on the month on month comparison, August closed at a loss of -2.4%, having traded in red in three out of the four weeks of the month, the worst performance in 9 months.
Losses were driven by the announcement of IMF SDR flow into Zimbabwe which has raised hopes of increased sustainability of inflation, which adversely correlates to stocks as the stock market will halt the inflation chase that raced stocks to all-time highs.
Losses were spun across all the market’s indices except the mining index which inched up 13.17 points to close in positive territory.
Aggregate turnover rose by 77% from the prior session to ZW$67.67 million against a 1% growth in volumes led by Innscor Limited which contributed 36% in the session.
The worst performer at $23.2000 was First Mutual Holdings which countered its prior session gains after trading at $1,7412 while Delta Corporation eased $1.5177 to settle at $84.5295.
Other losses were propelled by FBC Holdings, extended losses after it succumbed $1.4952 to end at $28.0000 and Simbisa Brands which went down by $0.9440 to close at $39.0560.
Meanwhile, the local largest telecoms operator, Econet Wireless closed the month in red after shedding $0.4941 to $37.7183.
However, trade in the positive was championed by the local seed producer, Seed Co which heavily reversed its prior session loss by gaining $2.0214 to $78.0000 while diversified conglomerate Innscor Africa shunned the previous day losses to close at $91.5696 after gaining $1.2071.
Banking counter, NMB Limited, buttressed its prior session gains by a further $0.1044 firmer to close at $13.8857.
On the upside was also hotelier, Meikles Limited and the nickel mining counter Bindura which gained by $0.0875 and $0.0165 to finish at $87.9434 and $4.9939 in their respective orders.
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