HARARE – The stock market opened November and the week near flat in relatively mixed narrow range trading.
As local currency liquidity remains tight with the latest central bank data showing a decline in reserve money to $16.1 billion from $17.55 billion in the week to October 23, turnover was subdued at $11.18 million in 166 trades.
Foreigners only participated as sellers at $510 000. Econet was the most active counter with 21 trades but CBZ led the turnover contributions at $6.49 million. The other significant contribution came from ZB at $2.11 million.
Mash Holdings led the day’s fallers, losing 15.89% to 50.50c as the All Share Index pared a marginal 0.03% to 1 476.41.
Heavyweights were mostly positive but losses in Cassava, which was down 3.59% to 385.64c ahead of the release of its February year end results, ensured that the gains on the Top Ten Index were restricted to just a marginal 0.03% to 937.59.
Padenga was the top blue-chip performer, gaining 1.47% to 1 320c and Econet put on 1.07% to 399.97c. The mobile network operator recently released its delayed February finals, which were weighed on by net exchange losses.
Mining counter RioZim, which recently reported a fall in production due to low gold grades and an inefficient mining system, was 12.82% down to 850c. FMP dropped 4.35c to 220c and African Sun shed 3.72% to 156.93c. Together the losses saw the Medium Cap Index shed 0.15% to 3 078.84 despite gains in Hippo and First Capital.
Hippo was the best performing stock with a 7.58% to 1 500c although amid fears that it might emerge the biggest loser, if the United States negatively reviews Zimbabwe’s stay on the Generalised System of Preferences list. Under the GSP, countries can export a wide range of products to the United States duty free.
Elsewhere BNC added 2.99% to 395c although in a low volume trade of 400 shares. The nickel producer, whose Hunters Road claim is on the spotlight from the Government under the use it or lose it policy, now has a market cap of $4.93 billion.-Financial Express.
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