HARARE – The stock market was near flat for the second day running as trading remained mixed. Turnover was about 25% lower to $61.25 million although activity levels were much higher at 490.
Delta led the turnover contributions at $16.86 million while General Beltings brought in the least value at $120. Foreigners continued to sell their holdings in heavyweight counters at $26.08 million against purchases of $5.87 million.
Meanwhile, the Ministry of Finance said public service funds under management have grown to $3.7 billion since last year. The funds are under the management of eight asset managers. (See full report to follow).
Penny stocks were the main performance drivers albeit on low volumes as the All-Share Index put on 0.24% to 4 165.74. The session yielded 21 gainers against 15 fallers. Total market cap was at US$6 billion.
Cafca led the risers gaining 20% to 9600c ahead of its AGM on Feb 24. Other gains were in Unifreight, Fidelity and Edgars as the Small Cap Index put on 5.77% to 16 879.43. Fidelity Life, which is trading under a cautionary statement was up 17.69% to 258.91c and Edgars gained 14.18% to 209.83c.
Heavyweight stocks also traded mixed with marginal gains in Cassava, Econet, CBZ. Delta added 1.71% to 4 886.36c ahead of an imminent change of guard announcement. FD Matts Valela is tipped to take over from Pearson Gowero as CEO. The Top Ten Index was 0.18% higher at 2 598.95. There were losses however in FBC, Padenga, Innscor and OK Zimbabwe. FBC pared 2.12% to 2 500c with a market cap of US$201.49 million.
The Old Mutual Top 10 was down 2.25% to 193.04 with a total trade count of 81.
The Top 15 Index was down 0.20% to 2980.29 weighed down by Meikles’ 0.82% loss to 4323.47 with a last trading price of 3 900c.
The Medium Cap index was up 0.23% to 8 995.72 supported by RioZim’s 20% gain to 1 920c. Seed Co was the performer falling 13.71% to 3005.24c. -Financial Express.
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