HARARE – Equities idled on Wednesday as the market continues to struggle for direction amid economic uncertainty and a raging pandemic. Trading was unremarkable with marginal movements on the majority of stocks although turnover levels improved from recent day’s performance after a foreign sell-off.
Turnover closed at $88.72 million dominated by First Mutual Holdings at $35.92 million and Delta at $24.69 million. The total trade count was at 284 with Delta, Padenga and Seed Co the most traded. Foreigners sold $51.77 million worth including a parcel of just below 0.5% in First Mutual worth $30mln, and which is part of the stake held by LHG Malta. Foreign purchases were at $8.55 million.
First Mutual Properties led the day’s fallers on the wider market, losing 16.67% to 400c but it was CBZ’s 6.59% drop to 6 900c that weighed down the All Share Index. The Index shed 0.88% to 2 451 with the market breadth closing in favour of gainers. A total 15 stocks registered gains against 12 fallers.
The Top Ten Index was 0.45% down to 1 505.66 after the CBZ loss outweighed gains in Econet, Innscor and FBC. Econet put on 5.98% to 849.30c and Innscor was 4.32% higher to 3 355.72. Banking stock FBC Holdings added 3.56% to push up the Top Ten contribution to market cap to $295.98 billion, which is, however, a decline from yesterday.
Seed Co was down 3.45% to 2 310c at the opening of the primary offer by Seed Co International (SCIL) seeking to acquire a controlling block of the company under a share swap plan of one SCIL share for every 0.98 Seed Co shares held. Meikles shed 11.58% to 2032.57c as the Top 15 Index closed 0.84% lower.
The Medium Cap Index was down 1.71% to 5 443.67 weighed down by losses in Zimre Holdings, Art and Zimplow. Art lost 9.90% to 437c and Zimplow shed 9.09% to 500c. Zimre, which is undergoing a consolidation process, was 1.85% lower to 304.27c. There were however gains in Mash Holdings of 14% to 90c and TSL, which put on 7.14% to 1 500c.
The Small Cap Index closed with a marginal gain of 0.10% to 11 004.84 after Truworths marginal gain.
Meanwhile, the Old Mutual Top Ten ETF was unchanged at 100c after 73 957 units traded. –Financial Express.
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