Stock remain in negative territory after poor showing from consumer staples

08 Oct, 2020 - 17:10 0 Views
Stock remain in negative territory after poor showing from consumer staples

H-Metro

HARARE – Activity levels improved although turnover was low at $24.26 million on Thursday as the stock market remained in negative territory.
Deal count was higher at 307 with a huge chunk being taken up by heavyweight counters. Econet Wireless Zimbabwe was the most traded at 31 deals while FBC contributed the most to turnover at $9.06 million.

Foreign outflows dominated inflows at $6.22 million against $1.22 million as the bourse remains unattractive due to various policy missteps experienced over the past two years. It is hoped that the structure of the soon-to-be launched Victoria Falls Stock Exchange and incentives offered to it will be enough to lure back foreign participation.

At close, the All Share Index was 0.48% lower to 1 540.50 dominated by losses in the consumer staples sector.

Art Corp was the worst performer, losing 8.41% to 205.85c taking its making cap below $900 million. Zimpapers shed 2.78% to 70c in a low volume trade of 200 shares.

African Sun pared 8.27% to 158.37c ahead of an EGM to approve its takeover of Dawn Properties, which also dropped 1.39% to 88.50c. Afdis was down 5.88% to 1 600c and Seed Co, which is set to delist from ZSE in favour of a consolidated listing on the VFEX, shed 4.86% to 1 805.85c.

Simbisa fell 7.72% to 621.42c.

The Medium Cap Index lost 0.84%, the worst among the indices, to 3 070.63. The Small Cap shed 0.37% to 5 809.86.

Among the heavyweights, gains were seen in Padenga, which added 8.87% to 1600c and Econet up a marginal 0.63% to 473.15c but losses in Delta, Cassava and OK Zim led the Top 10 Index to a 0.28% loss to 1 007.06.

Delta was 1.56% lower to 1663.51c after $6.4 million worth of shares exchanged hands. Cassava shed 1.12% to 430.14c and OK Zim fell 2.70% to 465.89c.

Mash was the day’s top performer after it gained 19.71% to 66.75c.

Total market capitalization came in at $195 billion, with the Top 10 index accounting for 67.05% or $130.76 billion.-Financial Express.

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