ZSE sings the blues again

The stock market recorded some heavy losses yesterday with all major indices, except for the small-cap index closing in the negative territory.

Market watchers say the Zimbabwe dollar liquidity crunch currently prevailing in the economy has resulted in little activity on the market.

By the close of trading, the ZSE All Share Index was 1.74 percent weaker at 1 547.99.

This is after heavy losses were recorded in blue-chip counters dragging the ZSE Top 10 Index 2.23 percent lower at 1 009,91.

Most big-cap stocks closed negative with the market’s leader CBZ continuing to lose ground shedding another 5,55 percent to $30.

Fellow heavyweights Delta, FBC, and Econet also lost 0,26 percent, 0,69 percent and 0,45 percent respectively.

First Capital Bank was the day’s biggest loser after it dropped 16,64 percent to close at 50.15 cents.

Dawn Properties, which is subject to a takeover by African Sun, was the second biggest loser after it eased 10.25 percent to 89.75 cents.

It was followed by Nampak, Innscor and Mashonaland Holdings after the counters lost 8,37 percent, 7,5 percent and 7,07 percent respectively.

The market was, however, not short of risers with Masimba remaining bullish up 10 percent to 220 cents.

It was followed by Art Corporation up 7,30 percent to 224,75 cents.

Bindura, African Sun and Willdale also gained 5,43 percent, 3,07 percent and 1,01 percent respectively.

While there was much activity in terms of trades, volumes were thin with only 4 569 700 shares worth $31,7 million changing hands.