ZSE back in the red

The Zimbabwe Stock Exchange see-sawed back into the negative territory on Tuesday, reversing the marginal gains that had been recorded on Monday.

The market witnessed heavy losses across the board with big cap counters losing the most.

By the close of trading the ZSE Top 10 Index had lost 6.14 percent to 1 039.14 while the All Share Index was 5.25 percent weaker at 1 222.25.

CBZ which is the leading performer so far this year dropped the most with a 19.94 percent loss to $44.20.

Nampak followed with a 16.89 percent drop to $1.23.

Turnal, Willdale and Padenga eased 13.33 percent, 8.33 percent and 8.07 percent respectively.

The market was however not short of risers as with 13 counters closing in the positive territory.

African Sun which is set to take over its landlord Dawn Properties as a subsidiary was the top riser up 19.94 percent to $1.89.

RioZim which recorded a 29 percent drop in gold production was also positive up 13.90 percent to $11.39.

Innscor was also among the risers up 10.82 percent to $19.68. The Group released its year to June 2020 final results showing a 97 percent jump in profit to $3,6 billion despite a challenging operating environment. A total of $16.1 million was invested in Innscor shares.

Fidelity Life, which is subject of a takeover by parent company Zimre Property Investment put on 6.67 percent to $0,96.

Activity on the market was much improved with $47 million being invested on the day.

The bulk of the funds amounting to $18.6 million went into Delta. The beverages manufacturer gained a marginal 0.12 percent to $17.–ebusinessweekly.co.zw