• The bourse declined by 63.57 points

  • ZECO registered its first ever trade in over five months of 200 shares

  • Penny Stocks seesawed back in gains

Harare - Zimbabwe Stock Exchange sustained the downward trend with the stock market’s prior month dark episodes spilling into the new month of September as it declined by 0.96% (63.57 points) in the session yesterday to close at a 6-week low of 6,588.74 points from 6,652.31 recorded on the previous day.

The IMF’s injection of almost US$1 billion in the economy has raised hopes of increased inflation sustainability, which adversely correlates to stocks as this will halt the inflation-chase that raced stocks to all-time highs.

Aggregate turnover rose by 130% from prior session to ZW$155.54 million against a 37% growth in volumes with Delta leading the contributors in the session at 27% of the aggregate and was trailed by Innscor, OK Zim, FBCH and Hippo in that respective order.

Meanwhile, ZECO registered its first ever trade in over five months of 200 shares valued at ZW0.12 which is also its second transaction in over two years. The counter had been experiencing perennial losses during the past months as witnessed by its trading updates.

Market heavies kick-started the new month in red after declining by 53.72 and 54.84 points for both the top ten and top 15 indices.

Penny stocks seesawed back in gains after shunning the previous day losses of 224,123,94 points to 225,581,73 points after increasing by 1,457.79 points.

BAT led the shakers by $49.0000 to $950.0000 while sugarcane producers, Hippo Valley Estates closed lower at $182.0000 after tumbling $8.0000.

Largest telecommunications operator, Econet Wireless extended losses to close at $35.3682 after trading weaker at $2.3501 and diversified Axia Limited decreased by $1.3646 to end at $20.3818.

Diversified conglomerate, Innscor Limited reversed its previous gains to end the day lower at $90.5577 after shedding $1.0119.

On the upside, ZECO emerged the top performer in the session on surging by a whopping 100% to close at 0.06%.

On the market heavies, First Mutual Properties led the gainers with $1.2000 to close at $13.2000 while Zimplow recouped its prior session loss on adding 5.75% to close at $15.9333.

Largest fast foods restaurant operater, Simbisa Brands reversed its prior session loss after it traded $0.7900 to close firmer at $39.8460 while First Mutual Holdings increased by 40.6636 TO CLOSE AT $23.8636.

Plastics pipe and fitting manufacturer, Proplastics traded higher at $0.2500 to close at $28.0000.

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