Political Instability Blights ZSE Trading Week

Zimbabwe Stock Exchange has opened a new week with losses on the back of political instability that rocked Harare last week with three of the benchmark indices pointing southwards while All Share and the Industrial Indices dropped by 0.23% to end at 113.30 points and 380.73 points apiece.

According to the EFE Securities, yesterday’s top shakers were led by Masimba Holdings Limited which trimmed the gap by 10% to end at $0.0450.

“The shakers of the day were led by Masimba which trimmed 10% to end at $0.0450. Trailing was banking group CBZ that lost 2.18% to settle at $0.1076 while, cement manufacturer PPC dropped 1.64% to settle at $1.2000.

“Simbisa brands emerged on the fourth position of the fallers’ table after it came off 1.58% to $0.4800,”they said.

The stockbroking firm added that Beverages group sealed the top five fallers of the day while the property concern, First Mutual Properties headlined the risers pack with a 7.53% gain.

“Beverages group sealed the top five fallers of the day with a 0.96% fall to close at $2.0813. Property concern FMP headlined the risers pack with a 7.53% gain to $0.0600 while, retailer OK Zim followed after putting on 1.82% to $0.2400.

“Cigarrete manufacturer BAT pulled up 0.39% to $25.5000 closing with a bid at $25.4500. The duo of Old Mutual and Innscor completed the top five risers of the day with respective gains of 0.25% and 0.18% to end at $0.4800 and $1.4225 apiece,” said ZSE.

“The market closed with a negative breath of one as six counters gained against as seven losers while, nine traded unchanged.

“Volume of shares traded ballooned 1,267.84% to 26.77m with FMP emerging the top volume driver of the day claiming 91.84% of the outturn with the rest of the stocks scrambling for 8.16%.

“Turnover surged 87.20% to $6.54m with SeedCo, Old Mutual and FMP accounting for 84.83% of total value,” said EFE Securities.