ZSE continues to crumble as RTGS becomes scarce

The market continued to shed points on Wednesday as it closed in the red on three of the four indices, leaving the small cap index being the only one in the green.

Such a trend might be an issue of investors changing positions in order to diversify their portfolios with gold coins. The money market has been dry of ZWL for a week now, prompting parallel market rates to subside from $900 to $750 per each US dollar.

The All-Share went further down by 264.46 points 1,62 percent to close at 16,098.74 points.

Top 10 Index was 2.17 percent weaker in the day as investors continued to exit in the big cap stocks excluding OK Zimbabwe which recorded gains. The index closed at a level of 9 910. The Medium Cap index was down 0,69 percent in the session to 32 186.

Small Cap Index however gained a marginal 0.18 percent to close midweek trading at 518 371 points.

Major losses were recorded in Econet which plunged $19,65 to close at $150,00, RioZim went down by $14,50 to $93,50 and Delta lost $12,91 to $288,95. Simbisa eased at $11,79 to $200,00 and AXIA was $4,50 weaker at $75,00.

Gains were recorded in African Sun which led the movers with a $1,95 increase to $16,00, Proplastics added $0,99 to $25,00 and Meikles went up $0,40 to close at $108,50. OK Zimbabwe ticked $0,20 to $30,20 and Willdale moved up by $0,07 to close at $2,60.

On the foreign currency denominated exchange, the VFEX a total of two trades worth US$6 134 from 165 339 shares were executed. Market Capitalisation of the market is now valued at US$289,52 million.

Cass Saddle ETF went down $0,16 to close at $1,54, Datvest Consumer Staples ETF traded $0,01 lower at $1,70 and the Morgan and Co Made in Zimbabwe ETF was $0,01 weaker at $1,29.

Morgan and Co multi sector ETF gained $0,02 to $26,74 and Old Mutual ZSE TOP 10 inched $0,33 to close at $6,87.-ebusinessweekly