ZSE main index retreats on heavyweights' losses

Published: 17 December 2017
The Zimbabwe Stock Exchange (ZSE) mainstream index lost 2,24% to close the week on 328,44 points, on losses in selected heavyweight counters.

Beverage maker Delta eased 0,96% to close at 150 cents.

Telecoms giant Econet shedded 5,21 % to settle at 98,61 cents while Innscor eased 8,72% to settle at 100,18 cents.

Old Mutual, SeedCo and Simbisa dropped 5,39%, 4,31% and 2,56% to trade at 450 cents, 200 cents and 38 cents in that order.

Hippo, Nat Foods and Padenga remained unchanged at 176 cents, 650 cents and 55 cents in that order. Cigarette maker, BAT also remained unchanged at 3,606 cents.

Among the losers, were Cafca and CBZ which lost 13,17% and 18,92% to close at 30 cents and 15 cents respectively.

Ariston and Barclays lost 2,86% and 7,69% to settle at 1,7 cents and 6 cents respectively.

NMB, OK and Mash Holdings dropped 2,08%, 5% and 1,14% to settle at 9,4 cents, 19 cents and 3,46 cents respectively.

Dawn also eased 4,31% to trade at 2 cents.

Partially offsetting the losses by the mainstream index, Axia, Meikles and Zimre advanced 17,18%, 27,49% and 19,91% to close at 19,92 cents, 32 cents and 2,59 cents in that order.

Market capitalisation dropped 2% in the week to close at $9,4 billion from $9,6 billion in the previous week.

Total market turnover declined by 45% to $8,28 million compared to $15,1 million recorded in the previous week.

The mining index, however, gained 6,54% to close at 141,47 points, on gains recorded by Bindura which was up 25,58% to close the week at 5,4 cents.

RioZim, FalGold and Hwange remained unchanged at their previous share price of 120 cents, 2,2 cents and 3,8 cents respectively.

Foreigners were net buyers in the week, with purchases amounting to $4,69 million compared to sales of $2,55 million.

Meanwhile, Bitcoin gained 10,62% on the international market this week to close to $17,763 on Friday, following the launch of a futures market for the cryptocurrency on Sunday.

On Golix,the local exchange, the digital currency is trading at a 75% premium at $31,100.

Analysts say the thin trades recorded at Golix relative to other large exchanges and a huge premium that traders are prepared to pay, speaks to the acute liquidity challenges in Zimbabwe as some individuals buy bitcoins to facilitate foreign payments.

Notwithstanding the surge in the price of bitcoin, regulators around the world remain concerned, urging caution.

- The Source
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