- The bourse went down by 57.32 points
- Market heavies dominated the top five laggards’ pack during the session
- Penny stocks buttressed prior session gains by adding 334.32 points
Harare - Zimbabwe Stock Exchange (ZSE) opened the week on the negative after declining by -0.86% to close lower at 6,600.93 points with the market heavies leading the losses.
The decline in demand for stocks was stimulated by the Central Bank’s gradual success in managing inflation, which had been the sole driver of value chasing in all asset classes, with stocks leading the race.
Penny stocks buttressed prior session gains by adding 334.32 points in what could be an early recovery amid market correction.
Meanwhile, aggregate turnover declined by -77% from the prior session to ZWL27.77 million against a -42% decline in volumes. OK Zimbabwe led turnover contributors at 20%.
Down from 37 in the prior session, a total of 36 counters exchanged hands with the diversified food producer, Innscor Africa headlining the losses at $93.0054 after tumbling by $7.0552.
The leading technology group, Cassava Smartech lost $2.6471 to settle at $16.5364. The Group’s revenue jumped by over 70% in the second quarter ended on 31 August 2021 posted yesterday driven by growth in transaction activity.
Farm equipment manufacturer, Zimplow shed $0.8913 to $15.1087 while the biggest telecoms operator in the country, Econet Wireless succumbed $0.7320 to settle at $34.2844.
Meanwhile, the banking counter, NMB decreased by $0.5686 to close at $15.4271.
However, gains were propelled by the milk processor, Dairibord which extended its prior session gains by a further 9.91% after increasing $3.5412 to end at $39.2588.
The largest bank in Zimbabwe by assets and deposits, CBZ Holdings advanced by $3.1285 to $79.9981.
Food producer in the country, National Foods added $1.5000 to close at $521.5000 while Turnall Holdings increased 17% stretching its gaining streak to 3 consecutive sessions as it closed at $4.6800 after gaining $0.6800.
On the third of September this year, Turnall declared a dividend of ZWL 0.03 cents per share for the half-year ended 30 June 2021, the first time the company has made a dividend declaration since 2007.
FBC Holdings closed the session firmer at $29.5000 after increasing by $4.6800. Earlier this month, the Group saw its profit after tax plunging by 84% owing to the effects of COVID-19 induced lockdowns on its business operations.
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