Foreign sell-off dominates ZSE turnover

HARARE – Foreigners continued to sell out of the Zimbabwe Stock Exchange dominating turnover at the close of trades on Wednesday. Foreign sales were at $45.26 million out of the $85.62 million recorded turnover as investors took advantage of the liquidity in the market currently to sell their holdings in the country.

Innscor led the total turnover contributions at $16.2 million. Of that amount, $11.8 million were foreign sales.

Total trades were lower at 294 in mixed trading which resulted in the same number of risers and fallers.

On wider market performance, the All-Share Index put on 0.40% to 4 155.80. Unifreight led the risers gaining 20% to 154.50c after 100 shares traded. The company now has a year-to-date return of 730.65%.

The Small Cap Index was the biggest gainer of the day, as it was up 3.34% to 15 958.90. Nampak added 19.86% to 554.00c.

The Medium Cap index was up 0.51% to 8 929.38 and the Top 10 Index gained a marginal 0.31% to 2 594.28.

Gains in the heavyweight index were driven by OK Zimbabwe which was up 4.91% to 1 950.00c and Econet which gained 1.32% to 2 001.42c. The gains were reduced by losses in Innscor of 1.22% to 5 901.44c, and marginal losses in CBZ, Cassava and Padenga.

The Top 10 ETF closed the day with a 9.42% gain from 66 trades worth $1.58 million to 180.48c.

Mid Cap stocks dominated the top losers list with Dawn falling 19.98% to 32.00c, Zimre continues to trade in the negative after it lost 18.81% to 203.47c. Mashonaland Holdings was 18.52% lower to 94.52c as RioZim was 10.55% weaker to 1 600.00c.

Source: Financial Express