HomeBusinessZSE sheds 1,19% as investors wait for polls

ZSE sheds 1,19% as investors wait for polls

The Zimbabwe Stock Exchange (ZSE) All shares index lost 1,19% to 86,98 points in March as the market continued to take a slow slide with the main investor focus being elections, which are due in less than six months.

The Source

The Top 10 Index also fell 1,56% to 85,71 points on losses recorded by BAT and Econet to offset gains in other heavyweights.

Market capitalisation dropped 1,44% to close the month at $8,67 billion.

Monthly turnover dropped 39,35% to $48,64 million, with average daily trades of $2,3 million.

The highest turnover was recorded by Old Mutual, Econet and Delta, which account for 35%, 17% and 9 p% of the total market turnover respectively. Total volume traded was also down 21,09% to 109 million shares.

Heavyweight BAT was the worst performer in March after dropping 16,67% to close at 2 000 cents. Econet also shed 2,5% to close at 67 cents.

Innscor and Delta, however, advanced 0,42% and 4,89% to close at 97 cents and 158,75 cents respectively.

Another heavyweight, Old Mutual, gained 5,46% to trade at 561,95 cents.

Among other fallers, Willdale went down by 16,67% to close at 0,5 cents.

Zimre Holdings, Simbisa and Mashonaland lost 16,39%, 11,25% and 9,70% to close at 2,5 cents, 35,5 cents and 2,7 cents in that order.

Leading the gainers was Cafca, which advanced 71,43% to settle at 60 cents following a higher than expected earnings announcement.

Fidelity and Axia also gained 20% and 11,4% to close at 9,6 cents and 20 cents respectively.

PPC was up 10,56% to close at 96,25 cents in the month under review.

On the mining space, the mining index picked up 0,14% to 125,09 points on Riozim, which added 0,42% to offset a 1,52% loss in Bindura, which closed at 3,25 cents.

Foreigners were net buyers in the month, having bought shares worth $26,3 million compared to sales of $15,1 million in the same period.

Analysts are of the view that ZSE-listed equities are relatively fairly valued short term, but cheap longer term if anticipated economic reform materialises and likely to rerate sharply if elections are deemed “free and fair”.

Recent Posts

Stories you will enjoy

Recommended reading