HARARE – The stock market see-sawed back to negative territory weighed down by Innscor’s 6.59% loss.
The losses were marginal in a dull session, which saw Innscor become the day’s worst performer, reversing yesterday’s gains after it shed 137.88c to 1953.50c.
Other heavyweight losses were in Padenga, which dropped 1.04% to 1 307.45c and Cassava down 0.74% to 387c. As a result, the Top Ten Index was 0.81% lower to 966.45 as it reduced its performance in the year to date to 374.54%.
BAT Zimbabwe did not trade in the wake of its trading update where the group reported an 8% decrease in sales volumes. Newbury and Kingsgate volumes declined by 33% compared to the same period last year with Madison and Everest also recording a decline of 5% and 43% respectively. Tobacco sales are highly elastic with respect to income but not so with respect to price shifts.
Activity levels remained subdued as the local liquidity remains restricted. Trade count was at 180 on turnover of $31.44 million.
Econet was the most active at 47 trades as it led on both turnover and volume at $14 million and 3.5 million shares.
The All Share Index was down 0.54% to 1 496.97. Other losses were in Willdale, which was 4% lower at 24c and First Capital, whose shareholder is going through several changes, was 3.38% lower to 52.04c.
The Medium Cap Index shed 0.09% 3 038.79 after losses in Dairibord and ZB Holdings.
Dairibord was 3.98% lower to 800.17c but the milk processor still has a significant year to date gain of 2 864.62%. ZB Holdings was 1.08% to 1 650c ahead of an imminent change in shareholding.
There were however marginal gains in Axia, which was up 5.50% to 394.78c.
The Small Cap Index was 0.19% to 6 089.20 with the loss restricted by Masimba’s 1.06% gain to 260c.-Financial Express.
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