CBZ pulls Top 10 Index to positive territory for the first time since restart

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HARARE – The stock market closed Tuesday with yet another round of losses while activity levels dipped as foreigners continue to exit.

The market continues to lack impetus for a strong move to positive territory and all eyes will be on the measures that Reserve Bank of Zimbabwe governor will deliver in his Monetary Policy Statement this week.

A total of 185 trades were executed today with turnover totaling $48.67m as it continues to linger around the US$0.5m mark at US$0.57m. CBZ at $21.44m, Delta $8.95m, National Foods $4.67m, Proplastics $4.1m and Padenga $3.34m were the most contributors.

Foreigners were net sellers after selling shares worth $6.1m and buying shares in Padenga and National Foods worth $447 900. Market capitalisation closed the day at $170.68bn or US$2.07bn.

CBZ’s 13.25% gain to 2 486.98c helped the Top 10 Index close in the positive territory after seven consecutive negative sessions. The index gained a marginal 0.38% to 861.19 helped by other gains in Padenga which was 0.14% stronger at 902.02c and National Foods which added 0.04% to 5 127.2c.

Some heavyweight stocks however remained in the negative cutting today’s profits. Cassava was down 6.93% to 499.78c, FBC was 5.71% weaker at 990.00c and Econet shed 2.54% to end the day at 495.00c.

These losses and the 3.17% loss of the Small Cap Index to 4 490.15 coupled with the Medium Cap Index loss of 1.29% to 2 765.45 left the flagship All Share Index 0.42% lower at 1 347.48.

Other losses were recorded in Edgars which was down 18.93% to 60.80c, Willdale eased 10.31% to 20.54c and Zimpapers lost 5.80% to end the session at 65.00c.

The losses were partially offset by a 0.28% gain in sugar manufacturer and exporter StarAfrica.

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