HARARE – (FinX) – The stock market eked out a small gain on Tuesday reflecting sentiment on how investors are positioning themselves in a market, which is undervalued but in an economy, which is facing negative headwinds and an elevated political risk, which does not support policy predictability.
At close, the ZSE All Share Index was near flat putting on 0.06% to 233.67. The market breadth was positive after recording 11 rising stocks against seven decliners. The Top Ten Index was 0.36% higher to 208.63 and Willdale gained 15.28% to 3.47c to help the Small Cap Index close in positive territory after it added 0.38% to 636.33.
Only the Medium Cap and the Minings Indices traded in the red losing 0.67% and 9.79% to 283.67 and 312 respectively. RioZim was the day’s worst performer losing 16.67% to 225c and already has a negative year to date performance of 4.09%.
Delta was the worst heavyweight performer albeit just marginally. The beverages maker lost 0.08% to 345.89c. Econet pared 0.04% to 150c and Simbisa shed 0.06c to 125.95c.
There were however gains in Cassava, which added 0.51c to 148.74 taking its market cap to $3.85 billion. The fintech company also contributed the most to turnover at $3.45 million, which was more than half of the total turnover at $6.7 million. Foreigners were net sellers at $1.38 million against buys of $922. Total trades amounted to 110 with Cassava being the most active with a total trade count of 12.
By sector, the Financials Index rose the most, putting on 0.49% to 426.90 after gains in ZB and Old Mutual. Old Mutual added 0.72% to 3705c. The Materials Index was the worst performer losing 3.61% to 262.97 after the RioZim loss.
Market capitalisation closed at US$1.74 billion ($30.23 billion).
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