…as no trades are registered on VFEX
HARARE – Losses in heavyweight stocks, more foreign sales, and unconvincing turnover characterised trading on the Zimbabwe Stock Exchange, as the bourse slipped back into negative territory on Monday.
A loss of 1.00% to 984.72 in the Top 10 Index resulted in the wider market (the All Share) losing a marginal 0.41% to 1 514.93. Tech giant Econet led the losses after it lost 5.13% to 400.82c and retailer OK Zimbabwe, which recently partnered World Remit on money transfer, was down 3.97% to 460.95c.
Other losses though marginal were recorded in crocodile farmer and skin exporter Padenga which was 0.06% weaker to 1 415.00c and beverage maker Delta which was down 0.01% to 1 509.91c in the session.
The losses came as foreigners continued to shun the market as they did not participate in the buying but disposed of 2.8m shares worth $28m in Innscor $19.5m, Econet $6.3m and Delta $2.2m.
Trades for the day totaled 168 after 6.4m shares worth a combined $58m were traded. Most of the value traded was in Delta $22.5m, Innscor $20m, Econet $8.6m, Axia and Proplastics $3.1m and $1.9m respectively. This left the market valued at $184bn with the Top 10 index now accounting for 71.74% of that valuation.
Elsewhere gains were recorded in the Mid Cap Index which was up 0.60% to 3 039.54 and the Small Cap Index, which added 0.38% to 6 131.70.
The gains were pushed by a good session seen in Proplastics, which was up 15.92% to 570.99c, Dairibord which is trading under caution pending a merger and acquisition with DenDairy gained 5.75% to 900.00c.
Small Cap firm Star Africa, was up 5.56% to 19.00c, giving it a year to date gain of 435.21% and a market cap of $895.87m. Willdale also recorded gains after it was 4.17% firmer to 25.00c. Mid Cap stock Meikles which is now concentrating more on farming saw a marginal gain of 0.33% to 1 515.00c.
Losses in SeedCo of 11.95% to 1 510.00c coupled with a loss of 9.93% to 13.15c in Truworths erased some of the gains made in the day. Financial stock First Capital saw a bad day as it lost 2.59% to close at 50.09c.
General Beltings was unchanged at 15c in the wake of reports that it’s majority shareholding block is set to be purchased by Jemaimah Technologies for $60m.
Meanwhile the Victoria Falls Stock Exchange is yet to record any trade following its launch on Friday. The exchange, which is expected to bring back foreign investor momentum to the country’s capital markets, is still readying its backend. It so far has one listing, Seed Co International.-Financial Express.
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