Markets close Monday trading in the red driven by Blue Chips

The Zimbabwe Stock Exchange (ZSE), All Share Index shed 0,98 percent, closing at 235.27 points as profit-taking weighed on market sentiment.

Key decliners included Delta Corporation, which slid 4,2 percent to ZiG 1,417.01, and British American Tobacco Zimbabwe Limited, dropping 1,4 percent to ZiG 9,366.41. Notably, Ecocash Holdings and Zimre Holdings also faced declines, retreating by 4,8 percent and 2,9 percent, respectively.

The market cap settled at US$2,81 billion, reflecting a slight decrease of 0,99 percent day-on-day.

Conversely, ZB Financial Holdings emerged as the day’s top gainer, advancing by 9,6 percent to close at ZiG 680.00.

Other positive movers included Econet Wireless, which added 2,5 percent to ZiG 353.49 and Willdale Limited, up by 0,4 percent.

Despite the gains, trading volumes were subdued compared to previous sessions, indicative of investor caution following the CBZHL-FMHL development.

Activity on the Victoria Falls Exchange (VFEX) mirrored the ZSE’s cautious tone, with the VFEX All Share Index edging down 0,79 percent to close at 98.30 points.

Market cap hovered at US$1,21 billion. Simbisa Brands led the losers, falling 2,74 percent to US$0.29, followed by Innscor Africa, which declined 2,07 percent to US$0.45.

The VFEX saw a sharp decline in turnover to US$92,527, reflecting muted investor interest.

Corporate earnings provided some support, with Hippo Valley Estates reporting a 24 percent rise in half-year revenue to US$102,63 million, driven by a 21 percent increase in local sugar volumes. However, profit after tax declined by 29 percent to US$18,19 million, dampening investor enthusiasm.

Looking ahead, investors are eyeing the Old Mutual ZSE ETF Extraordinary General Meeting scheduled for Thursday, December 12, as well as other key corporate events in the coming weeks.

Overall, Monday’s trading highlighted regulatory impacts and cautious market sentiment amid a mixed earnings season.-ebsinessweekl