ZSE Sustains Bullish Trajectory As Penny Stocks Recover

Author Name
Tinashe W Duma
Stock Market 1 month ago
  • The ZSE sustained recovery in the week-opening session as gains spun across all the market’s main indices following a rejuvenation in penny stocks performance.
  • The mainstream All Share Index closed at a 5-week high of 7007.28 points after a record surge of 1.28% as the bourse traces back to record-high levels.
  • Year-to-date gains scaled up to 165.8% while monthly performance closed at +5.3% as the month is set to wholly reverse prior month losses.
  • Meanwhile, Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.
  • In currency markets, South Africa’s Rand weakened, reversing some early gains after the U.S. dollar jumped to a 3-week high and the U.S. rig count rose at day end.
  • On the local formal currency market, the ZWL depreciated for a 21st consecutive week as at the close of the most recent currency auction week. The premium between the formal currency market and the parallel market is now almost 100%.
  • An aggregate of 34 counters exchanged hands in week opening session, with 3 sailing stable while 15 emerged risers.
  • NatFoods topped gains in the session on notching 20% to close at 62880c, followed by BAT which surged for a 3rd consecutive session by a further 16.41% to settle at 129995c.
  • Fidelity firmed by 12.5% to close at 900c while Mashhold almost recouped its prior session loss on adding 3.3% to settle at 288.93c.
  • Econet buttressed its prior session gains on adding 2.8% to close at 3606.90c, capping off the Top 5 risers’ pack.
  • On the downside, a total of 16 stocks partially weighed on the market.
  • Financial ticker, NMBZ, performed the worst in the session on plunging -20% to settle at 1120c, trailed by ZHL which lost a further -10.69% to close at 330.45c.
  • Star Africa extended its losing streak to 5 straight sessions on dipping -3.36% to settle at 151.89c while Medtech fell for a 3rd consecutive session by a further -2.69% to close at 22.09c.
  • Dairibord stretched losses to 6 straight sessions on easing -2.64% to settle at 3400c, capping off the Top 5 laggards’ set.
  • Aggregate turnover rose by 5% from prior session to ZW$40.72 million against an 836% decline in volumes.
  • SeedCo led turnover contributors in the session at 15% of the aggregate and was trailed by Simbisa, Innscor, Cassava Smartech and Delta in that respective order.

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