HARARE – Banking stocks were out of favour on Wednesday but the ZSE managed to eke out a small gain.
NMB Zimbabwe which will see increased transactional activity through its partnership with Zinara, saw a tough trading day as it slipped 10.67% to 323.37c.
The biggest bank by deposits CBZ was down 5.29% to 6 714.71c bringing down its year to date gains to 9 532.35%. FBC was 3.26% lower to 1 450.00c lowering its year to date gains to 2 122.22%. First Capital bank, lowered its market capitalisation to $1.5 billion as it lost 0.84% to 69.28c.
The All Share Index managed to scrap out gains as it was up 0.05% to 2 215.07 taking its year to date gains to 862.70%. The Medium Cap index recorded a 2.36% to 4 478.29 and the Small Cap Index was up 1.93% to 10 543.47. The Top 10 Index which is the least performing index in the year to date saw a 1.25% loss to 1 426.31 reducing its year to date gains to 600.34%.
Gains in the Top 10 were recorded in fin-tech company Cassava which surged 6.64% to 448.05c, sugarcane farmer and processor was up 7.04% to 7 600.00c and OK Zim which is poised to record profits from the festive frenzy gained 1.23% to 743.94c.
Turnover for the day came in at $107.92 million from 13 million shares, with CBZ contributing $55 million, Econet put on $19.5 million and Delta contributed $16 million as they were the most contributors in the day. Market capitalisation closed the day at $261 billion excluding Old Mutual and PPC.
An unlikely trade in Unifreight resulted in the company gaining 20% to 18.60c taking its year to date gains to 106.67% which is way below the market performance of 825%.
The market reacted to the launch of the Zimbabwe Commodities Exchange in which TSL is a shareholder, as the stock gained 20% to 1 200.00c. Fidelity was up 11.76% to 190.00c as fast foods company Simbisa firmed 8.89% 1 000.97c. Small Cap brickmaker Willdale was up 8% to 27.00c.
Market breadth was largely positive as 18 stocks advanced and 10 stocks were in the negative from 274 trades. Foreigners bought $17.98 million and sold shares worth $16.69 million.-Financial Express.
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