- Local bourse increased by 4.50 points
- ZECO made its second consecutive trade since March
- Penny stocks dipped 435.69 points
- About stock markets
Harare - Following a resurgence of demand in the market, the overall market bloodbath encountered yesterday on Wednesday was halted on the Zimbabwe Stock Exchange (ZSE). The rise in the demand for shares firmed the local stock market by a mild 0.07% gaining 4.50 points to close the trading at 6,593.24 points.
The penny stocks reversed their prior session gains after dipping 435.69 points to close lower at 225,141.31 points.
Meanwhile, ZECO recorded another second consecutive transaction following its awakening from the shadows on Wednesday. Prior to that, the counter had recorded its last trade in March this year.
Down from 39 counters in the prior session, 37 exchanged hands yesterday, while aggregate turnover fell by -63% from the prior session to ZWL57.34 million with Delta Corporation emerging as the best turnover contributor with 49%.
ZECO led the risers as it surged another 100% in performance to close at ZWL0.12 amid market correction.
On market heavies, diversified food producer, Innscor Limited came out as the best performer as it recovered from its prior session losses to close the trade at $100.9667 after buoying $10.4090 followed by the diversified conglomerate, Meikles Limited which scaled up by $1.9481 to end at $89.9881.
Banking group, NMBZ Holdings Limited stretched gains to a fifth straight session after trading at $1.0766 to $15.0766 while retailer OK Zimbabwe buttressed its prior session gains by a further 2.73% after an up-tick of $0.4221 to $15.8589 respectively.
Ariston Holdings increased $3.1000 to close at $0.0911.
Gains were offset by losses in CBZ Holdings, which is also the largest commercial bank in Zimbabwe by assets and deposits after declining $3.2000 to $76.8000 while local milk processor, Dairibord Zimbabwe extended its losing streak to four straight sessions as it dropped $3.0260 to $31.9697.
Seed producer and marketer, Seed Co lost $1.9974 to close lower at $75.0000.
National Tyre Services succumbed $1.8000 to $9.0000 while Simbisa Brands was lower at $1.7789 to $38.0671.
Stock prices change every day by market forces. If more investors want to buy a stock, than sell it, then the price moves up.
Conversely, if supply overrides demand, the price would fall, a scenario that was prevailing at Zimbabwe Stock Exchange during the prior weeks.
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