• Market heavies propped up the market
  • The bourse edged up a marginal 1.90% to close in black
  • Penny stocks cancelled prior session gains
  • MedTech continued diving southwards

Harare – The Zimbabwe Stock Exchange (ZSE) gained 1.90% on Wednesday to extend the prior session gains to 7,151.79 points amidst a resurgence in investor confidence buoyed by stock fundamentals.

Blue-chips drove performance in the sustained recovery scaling up the ZSE gains to a third straight session during the week.

Penny stocks declined 546.26 points to cancel out prior session gains to close lower at 223,215.22 points. The index’s performance had been zigzagging for a couple of weeks, plunging and rallying amid the prolonged market correction since share values had overtaken inflation in chasing value which had edged the index’s prices to all-time highs during the first half of the year.

Banking counter, NMB Limited reversed the prior session losses on bouncing by 16.07% emerging as the top performer on $13.000 followed by the diversified food processor, Innscor Africa which scaled up by 12.20% to $121.0000.

Seed producer and marketer, Seed Co which recently commissioned a US$13 million maize seed conditioning plant inched up 7,17% to end in black at $75.0183 with the largest telecoms operator, Econet wireless extending the previous session gains by 6.60% to $38.7673.

Capping the top five gainers was the nickel producer, Bindura Nickel Corporation which increased by 5.94% to close the day at $4.9995.

However, trade in the negative was the mining counter RioZim which topped the top five laggards on dipping 15.15%.

Medicinal counter, MedTech extended its downward trend for a third straight day after decreasing by -3.91% trailed by the diversified group Mashonaland Holding which eased 3.30% to $2.9009.

Financial stock, First Mutual Properties which is also a subsidiary of First Mutual Holdings was down at $14.5000on decreasing by 3.01% followed by Zimre Holdings which capped the top five laggards at $3.3000 after succumbing by 1.35%.

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