Punters dig in on heavyweights to snap losing streak

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HARARE,– The Zimbabwe Stock Exchange industrial index opened the week higher, advancing 4,72 percent to close 333,68 points on gains by some heavyweights as investors start to take advantage of a recent price fall which was driven by political uncertainty.

While analysts say it is too early to predict the direction of the market as more time is needed to assess the political and economic reforms of the new leadership, some punters are apparently ready to dig in, particularly in key counters such as Delta and Econet.

Monday’s gains snap an 8-day losing streak which followed after a military takeover on November 14 leading to Emmerson Mnangagwa’s inauguration as president on Friday.

Delta added 9,31 percent to trade at 144,54 cents while Econet added 16,77 percent to settle at 103,55 cents.

OK Zimbabwe and Old Mutual added 19,93 percent and 8,57 percent to trade at 16,85 cents and 496,74 cents respectively.

The mining index however remained flat at 126,63 points.

Market capitalisation stood at $9,5 billion while market turnover was $4,7 million.

Zimplow added 19,94 percent to settle at 7,82 cents.

However, Dairibord Holdings and Edgars eased 19,71 percent and 14,89 percent to settle at 14,05 cents and 4 cents respectively.

African Sun and Turnall eased 14,63 percent and 10 percent to settle at 3,5 cents and 0,9 cents respectively.

Simbisa also eased 17,41 percent to settle at 50 cents.

Foreigners were sellers in the day, disposing of shares worth $2,7 million compared to foreign buys worth $1,711.