Mid-caps neutralize big cap losses as ZSE closes unchanged

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1932688 664450863596871 2088411395 o
1932688 664450863596871 2088411395 o

HARARE – The ZSE closed unchanged as moderate gains in mid-caps were offset by some marginal losses in highly capitalized counters. The session yielded ten gainers and five fallers, with blue chips featuring prominently among the losing stocks.

The current market emphasis appears to be on mid-tier stocks, which have been bullish as investors seek value in previously overlooked stocks. The release of the delayed June financials should offer more guidance for the market in identifying where the value lies and which companies are feeling the heat from the adversities of the current operating environment.

At the close of trade, turnover stood at $11 million (US$0.72 million) with 5.1 million shares traded in 146 trades. Dual listed Old Mutual drew the highest value traded at $3.4 million in 11 trades as it gained 0.1% to close at $34.5564 (US$2.26). Delta drew the most trades with 32 worth $1.4 million with 356k shares traded.

On the blue chip counters; British American Tobacco closed at $50 (US$3.27) with no trades, Cassava gained 0.5% to close at $1.6003 (US$0.10) in 18 trades valued at $389k, Econet drew 21 trades worth $854k, Innsco drew three trades valued at $6.8k and National Foods closed at $9 (US$0.59) with no trades.

For the dual listed counters; PPC closed at $4.2402 with no activity and SeedCo International added 0.12% to close at $2.7033 in three trades worth $50.6k.

The All Share and Industrials indices closed unchanged at 232.78 and 777.11 respectively. The Top 10 Index and Minings indices were both static at 218.02 and 278.28 respectively.

Real estate stock Dawn Properties led the top gainers with a 7.1% rise to close at 7.5 cents in one trade worth $2k. Consumer stock Dairibord gained 4.6% to close at 47.05 cents. Export stock Padenga added 1.8% to close at $2.80 (US$0.18) drawing the highest value traded among the top gainers with $2.8 million in five trades. Industrial holding Meikles closed 0.9% higher at $1.5675 (US$0.10) and banking stock First Capital advanced 0.6% to close at 10.6 cents.

Industrial holding TSL led the top fallers with a 12.2% loss to close at 65 cents in one trade worth $31.3k. Delta closed 0.7% lower at $3.8033 (US$0.25) and Innscor shed 0.3% to close at $3.101 (US$0.20). Consumer stock Simbisa shed 0.14% to close at $1.4804 (US$0.10) following the release of its financial results for the year ended 30 June 2019. Econet retreated 0.13% to close at $1.8025 (US$0.12).

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