ZSE sheds 10pct as market stabilises

HARARE, December 10 (The Source) – The Zimbabwe Stock Exchange mainstream index shed 10,16 percent to close the week on 335,97 points, on losses in selected heavyweight counters as punters see positives in the country’s economic direction.

The mining index however gained 4,67 percent to close at 132,79 points, on gains recorded by Bindura in the week.

Market capitalisation fell 8,19 percent in the week to close at $9,6 billion from $10,5 billion in the previous week.

Total market turnover also decreased by a half to $15,1 million compared to $29,7 million recorded in the previous week.

The largest company by market capitalisation, Delta eased 22,42 percent to settle at 151,46 cents while Econet eased 13,12 percent to settle at 104,03 cents.

BAT and Hippo Valley eased 2,28 percent and 0,28 percent to trade at 3,606 cents and 176 cents respectively.

Old Mutual and Padenga eased 20,6 percent and 1,79 percent to trade at 475,65 cents and 55 cents respectively.

Seedco and Simbisa also eased 0,48 percent and 18,63 percent to trade at 209 cents and 39 cents respectively.

National Foods remained unchanged at 650 cents.

Axia and Dairibord eased 15 percent and 19,77 percent to settle at 17 cents and 11,2 cents respectively.

Dawn and Edgars eased 18,99 percent and 4,06 percent to settle at 2,09 cents and 4,02 cents respectively while FBC and OKZim eased 18,37 percent and 9,21 percent to settle at 20 cents apiece.

Additionally, Proplastics and StarAfrica eased 5 percent and 9,09 percent to settle at 7,6 cents and 2 cents respectively while TSL and African Sun eased 19,8 percent and 2,44 percent to settle at 36,85 cents and 4 cents respectively.

Partially offsetting the loss recorded by the mainstream index, Zimre gained 20 percent to trade at 2,16 cents while Turnall and Meikles advanced 5,56 percent and 9,13 percent to settle at 0,95 cent and 25,1 cents respectively.

On the mining space, Bindura added 21,13 percent to settle at 4,3 cents. Other mining counters RioZim, Hwange and FalGold remained unchanged at 120 cents, 3,8 cents, 2,2 cents respectively.

Foreigners were net buyers in the week, disposing of shares worth $1,8 million compared to buys of $3,4 million.