As stocks stay in red, investors sing the blues

HARARE – Investors on the Zimbabwe Stock Exchange continued to sing the blues on Tuesday with all major indices trading in the negative territory.

For the last two weeks, the ZSE has struggled for direction closing in the negative for most of the days.

The market has also witnessed subdued funds flow with the average daily turnover coming down from $200 million two weeks ago to below $100 million.

Yesterday only $67,6 million was invested, a slight improvement from $38 million the previous day.

By close of trading on Tuesday, the ZSE All Share Index was 0.98 percent weaker, while the popular ZSE Top 10 Index was 1.19 percent in the negative.

Small caps were the biggest loser after shedding 1,39 percent to 224,123.

Clothing retailer Edgars was the biggest loser down 11,17 percent to 350 cents followed by Truworths down 8, 31 percent to 200 cents.

The market was however not short of risers with Metdech leading with a 3,07 percent gain at 26,54 cents. Seedco followed with a 2,66 percent gain to 7800 cents. – Herald