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Tuesday, February 7, 2023
HomeBusinessEquities Rebound In Opening Day Of The Week

Equities Rebound In Opening Day Of The Week

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The Zimbabwe Stock Exchange (ZSE) returned to positive territory on Monday, shrugging off previous week bearish run although analysts say the market is still largely shrouded in uncertainty.

Equities have endured a difficult second half of the year after authorities put breaks on trading as well as limiting gains to just 15 percent per day’s trading in a move that was meant to curtail gains which were thought to be offloaded into the parallel market and used to push exchange rate.

Since then, the market has been bearish, worse still with the coming in of the gold coins which were more attractive and led to even weaker sentiments towards equity investment.

By close of today’s session, the mainstream All-Share Index was up 1.30% at 13 239.34 points mainly charged by heavyweight counters that saw the Top-10 Index gain 1.85% to settle at 7827.60 points.

Market breadth, as measured by investor sentiment towards trade, closed with 17 gainers as compared to just 10 losers.

Leading the gainers is Delta Corp which was 9.57 percent up at ZW$ 198.381 while ZIMRE was 7.43 percent up at ZW$ 4.96. Mashonaland Holdings gained 6.99 percent at ZW$7.489 as NPKZ appreciated 5.56 percent to ZW$9.5. Unifreight  was 5.26 percent stronger at ZW$50.

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On the losers pack was Bridgefort Capital which shed 5.53 percent at ZW$ 7 as African Sun lost 2.81 percent at ZW$ 18.1188. Star Africa Limited also depreciated by 2.80 percent to settle at ZW$1.5501 AS Turnal was 2.79 percent weaker at ZW$3.4025. Heavyweights, Econet Holdings closed 2.49 percent weaker at ZW$ 82.5837.

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