Bearish performance enters seventh consecutive week

The bearish performance of the Zimbabwe Stock Exchange continued for the seventh consecutive trading session as the mainstream ZSE All Share Index declined 6,53 percent to close at 10,917.96 points.

This comes as many investors have been cashing out of the market in order to get local currency without liquidating their foreign currency reserves. With quarterly tax returns coming at the end of the month, many firms are relinquishing their positions on the stock market in order to meet this statutory obligation.

The bears’ camp maintained dominance over the market breadth with 18 counters in the losers’ chart against 10 counters in the gainers’ chart. The Top 10 Index 7,97 percent to close at 6,027.66 points, while the Medium Cap Index was down 4,08 percent to settle at 27,048.05 points.

From the rear of the chart, Tanganda, Axia, Econet, OK Zimbabwe and Delta populated the top five losers’ chart.

First Capital Bank gained 7,22 percent to become the best-performing stock in the session, flanked by CFI, ZHL, RTG and Edgars as they populated the top five gainers’ chart.

The Small Cap Index was the only gainer, up 0,18 percent to end at 488,326.55 points.

The value of those traded stocks declined by 68,82 percent in the session to stand at $139,20 million. Consequently, market capitalization depreciated by 6,85 percent to $1,35 trillion.

With regard to the value of the traded stocks, Econet at $65,19 million took the lead among the top five performers. It is flanked by Delta, Innscor, SeedCo and Masimba.

On ETFs, the Cass Saddle Agric and Morgan & Co Multi-Sector were both flat at $1.55 and $26.50 respectively.

In the green, the Datvest garnered 0,17 percent to close at $1.49.

On the flip side, the Morgan & Co Made in Zim was off 1,13 percent to settle at $1.23. The OM ZSE Top-10 ETF lost 10,97 percent to $4.47.-ebusinessweekly