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 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”.