ZSE set to record the worst monthly performance in 6 months

Author Name
Tinashe W Duma
Author
Stock Market 1 week ago
  • The ZSE extended gains to mid-week as investors continue to buy on dips following a wave of losses.
  • The trend, going forward, is, however, likely to be influenced by results released for the year ending December.
  • Most earnings have been deferred due to some challenges around accounting and COVID-19 related challenges in concluding the audits.
  • The overall bourse added 1.18% in today’s session to rest at a 2-month high of 4592.87 points, stretching month to date gains to 2.32.
  • Gains were stimulated by market heavies as small caps continued on a downward trajectory.
  • The month of April is set to be the worst in 6-months. Monthly stock performance has been deteriorating at a rate of -50% since December on the back of a further stabilizing local currency.
  • On a global scale, global shares were mixed on Wednesday as already high valuations discouraged investors from buying equities ahead of a closely-watched U.S. Federal Reserve meeting.
  • Meanwhile, on the currency market, the local unit oscillated for a 5th straight week, depreciating by -0.024% against the US$ at the close of the recent auction trades.
  • A total of 40 counters, down from 44 in the prior, exchanged hands in mid-week’s session from which 13 sailed stable while 17 stocks emerged risers.
  • ARTD came out as the best performer in the session on gaining 14.84% to close at 600.75c, followed by Nampak which buttressed prior session gains by 13.58% to settle at 1601.43c.
  • The nickel miner, BNC, extended gains to 4 consecutive sessions on adding 10.89% to close at 486.62c while First Mutual Holdings see-sawed for a 3rd straight session on notching 9.32% to settle at 2295.95c.
  • Edgars edged up by a further 5.86% to settle at 319c, capping off the Top 5 risers’ set.
  • A set of 10 stocks partially weighed on the bourse, with Masimba emerging the worst performer in the session on plunging by -7.11% to close at 1960c.
  • Willdale reversed its prior session gains on declining by -6.46% to settle at 93.37c.
  • Star Africa partially countered its prior session gains on softening by -3.89% to close at 57.25c while General Beltings stretched its prior session performance on further easing by -2.52% to settle at 69.98c.
  • TSL closed at 4200c after retreating by -2.24% to settle at 4200c, capping off the Top 5 laggards’ pack.
  • Total turnover fell by -28% in mid-week trades to ZW$132.78 million against a -29% decline in volumes.
  • Innscor led turnover contributors at 21% foothold of the aggregate and was trailed by Axia, Hippo, Delta and Simbisa in that respective order.

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