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Profit taking big counters dampen ZSE

HARARE — The Zimbabwe Stock Exchange (ZSE) All Share Index widened its losses in the second week, dropping 2,97% to close at 94,69 points as profit taking continues to dampen the local bourse.

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The top 10 index lost 3,34% to settle at 94,4 points, mirroring the profit taking in heavyweight counters.

Market capitalisation fell 2,97% in the week to close at $8,96 billion from $9,24 billion in the previous week.

Total market turnover, however, increased five-fold to $8,3 million from $1,6 million in the previous week.

Telecoms giant, Econet lost 1,11% to settle at 89 cents while BAT and Innscor dropped 14,29% and 14,98% to close at 3 000 cents and 85,02 cents respectively.

Simbisa and Hippo slipped 1,4% and 1,7% to close at 45 cents and 173 cents respectively.

Padenga also lost 9,02% to close at 50,04 cents.

Ariston, FML Properties and Fidelity  also lost 5,88%, 18,03% and 19,55% to trade at 1,6 cents, 18,03 cents and 8,85 cents respectively.

Cement maker, PPC eased 2,3% to settle at 85 cents while ZPI and Dairibord shedded 16,67% and 17,91% to trade at 2 cents and 11 cents in that order.

Mashonaland Holdings lost 13,29% to settle at 3 cents.

Hotelier, African Sun eased 6,25 cents to trade at 4,5 cents while NicozDiamond fell 3,02% to close at 3,85 cents.

Additionally, CBZ lost 17,01% to close at 10 cents while Barclays eased 6,78% to settle at 5,5 cents.

Partially offsetting the losses, beverage maker Delta gained 0,28% to close the week at 155,7 cents while Old Mutual and OK Zimbabwe added 2,45% and 2,78% to settle at 484,41 cents and 17 cents respectively.

TSL, Cafca and Zimpapers also advanced 19,73%, 16,67% and 1,83% to trade at 44 cents, 35 cents and 1,12 cents in that order.

On the mining space, the mining index dropped 5,64% to close at 134,37 points on losses recorded by Bindura, after the nickel miner eased 18,48% to close at 4,5 cents in the week under review. Other mining counters remained unchanged.

Foreigners dominated the local bourse during the week, with 58% of the trades being foreign trades. Additionally, foreigners remained net buyers in the week, with purchases amounting to $6,1 million compared to sales of $3,6 million.

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