HARARE – The stock market slipped back to negative territory on Monday after second tier losses managed to offset gains in select heavyweight counters.
Turnover was low at $32.2 million, below the August daily average of about $50 million and was mostly made up foreign sales. Foreigners sold $21.56 million shares as they divested out of Econet ($6.41 million), Innscor ($5.32 million), Simbisa $4.43 million and Delta at $2.43 million. Activity levels remain subdued with trade count at 220 and volume traded at 9.57 million shares.
The All Share Index was down 1.33% to 1 268. Art led the losers falling 19.84% to 152c. Clothing retailer Truworths was down 17.65% to 14c, brickmaker Willdale shed 14.92% to 20.42c while Dairibord, which is currently trading under cautionary pending a merger transaction was 10.17% lower to 476.09c.
The Medium Cap was the worst performer among the indices, losing 1.65% to 2 589.97. The Small Cap Index was 1.59% lower at 4 520.45 but with a year to gain of 609.37%.
The Top 10 index was down 1.07% to 810.97. Cassava was down 4.48% to 458.20c and parent company Econet was down 0.87% to close the day at 450.00c. The ICT Index was the worst performing sector as a result, with a loss of 3.09%. Tourism group RTG suffered a 4.38% loss in its share price to close at 248.60c.
The losses were offset by a gain of 4.40% to 371.24 in OK Zimbabwe and a 1.92% increase in Padenga to 1 102.51c.
Meikles also added 1.67% in the session to close at 1 220.00c but the Top 15 Index shed 0.82% to 942.59. Meikles released its March year end results today which showed a below-inflation revenue outturn with profitability only boosted by exchange gains and fair value adjustments.