ZSE closes higher, halting 3-day long losses trend

Author Name
Respect Gwenzi
Author
Stock Market 6 months ago

*Performance Charts incl (ZSE indices, ZSE Value Traded, Interbank)

The stock market partially reversed a 3-day losing streak on rising by 1.39% on Thursday. The bourse has largely traded sideways over the last 4 weeks as the Zimdollar stabilises against the USD. This week the local unit lost a negligible 0.004% against the greenback as the supply of forex continues to match demand. Despite choppy trading, the ZSE maintains a comfortable 558.44% year to date gains, largely accrued over the first 6 months period of the year. The ZSE performance has largely been informed by exchange rate dynamics. In recent weeks the exchange rate has performed relatively stable to other global currencies in formal trades.

zse charts

 

A total of 28 counters exchanged hands in the session, down from 31 in the prior, from which 8 emerged risers. Financial stock, CBZ, led the risers’ pack on notching 11.6% to settle at 3995.28c. African Sun partially reversed prior session losses on surging 3.53% to close at 168.44c while Hippo emerged 3rd best performer upon adding 2.17% to close at 1404.85c. The duo of Medtech and ARTZDR marginally gained 0.63% and 0.44% respectively to settle at 8.05c and 230c each.

On the downside, 11 counters partially weighed down the market, with Nampak emerging worst performer on plunging -6.19% to close at 75c/share. Padenga took its losing streak to 4 straight sessions upon slumping -2.81% to settle at 1360.71c while financial stock, ZBFH, let off -0.98% to close at 1771.86c. Edgars closely trailed losses on softening -0.94% to settle at 95c while another financial peer, FBCH, closed the market at 1380c after losing -0.85%.

 

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