ZSE sheds off $70 million in dismal July performance

ZSE sheds off $70 million in dismal July performance

HARARE, August 2 (The Source) – The Zimbabwe Stock Exchange lost nearly $70 million in July, its slowest month of the year so far, to close with a market capitalization of $2,85 billion.

The stock market endured miserable month, posting its lowest trades since dollarisation on July 27, when it turned over $105, the lowest value of shares traded in a day since the ZSE was re-based after dollarisation in 2009.

Total volume traded during the month slumped 36.16 percent to 56.5 million shares. As a result of the low volumes, monthly turnover fell 23 percent to $13, 8 million.

Daily trades averaged $661, 000.

Beverage manufacturer Delta Corporation contributed half of the trades in July while Seed Co and Econet accounted for 14 percent and 13 percent respectively.

The Industrial Index eased 2.18 percent to 98.84 points weighed down by losses in British American Tobacco, Delta and Econet of 1.64 percent, 1.12 percent and 7.14 percent respectively.

The Mining Index rose 4.13 percent to 25.72 on gains in Bindura Nickel which is up 12.00 percent and RioZim which picked 0.59 percent.

Other notable gains for the month were seen in Art which gained 19.79 percent and CFI which picked 18.12 percent. OK Zimbabwe and Pearl Properties were both up by 10 percent.

Significant losses were recorded in Axia which saw its valuation go down by 60 percent and Lafarge which lost 18.52 percent.

RTG, Turnall and Zimre Property Investments lost 16.67 percent, 13.64 percent and 9.72 percent in that order.