Stocks snap losing streak as Old Mutual activity boosts trading value

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markets news zimbabwe

HARARE – (FinX) – The stock market snapped a five-day losing streak in midweek trades but only just marginally after recovery from select heavyweight counters.

Activity improved from yesterday to $15.12 million from 176 trades. Foreigners were net sellers at $1.28 million exiting through Old Mutual, which contributed the most to value at $9.56 million. Foreign buys were at $288 356.28 as the market remains unattractive in spite of it being at its cheapest in recent times on market cap of US$1.8 billion.

At close, the ZSE All Share put on 0.28% to 231.99 and the Industrials Index added 0.29% to 772.28. Mash Holdings led the risers gaining 20.05% to 10c. First Mutual Life gained 12.5% to 27c taking its year to date gain to 109.46%.

Econet led the heavyweight charge after recovering 1.64%  to 148.01c. The other blue chip gains were quite marginal; Delta added 0.98% to 346.75c ahead of the imminent release of its results, Old Mutual was up 0.34% to 3 549.94 and Cassava added 0.28%.

Resultantly the Top 10 index put on 0.31% to 207.07 with a year to date gain of 44.64%.

Elsewhere on the price sheet, Powerspeed appeared on the fallers table again with a 16.13% loss to 26c, the worst for the day. ZPI, which is due to be delisted by parent company Zimre, fell 13.85% to 5.6c. Proplastics was down 1.80% to 82c but is among the year’s top performers with a 320.51% gain.

Padenga and Innscor closed with marginal declines of 1.31% and 0.85% to 250c and 371.77c respectively.

Risers Price % Change Fallers Price % Change
Mashold     $0.1000     20.05%▲ Powerspeed   $0.2600  -16.13%▼
FML     $0.2700     12.50%▲ ZPI   $0.0560  -13.85%▼
Econet     $1.4801       1.64%▲ Proplastics   $0.8200    -1.80%▼
Afdis     $3.1000       1.64%▲ Padenga   $2.5000    -1.31%▼
CBZ     $0.6300       1.20%▲ Innscor   $3.7177    -0.85%▼

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