Mixed trading on ZSE as All Share Index declines marginally

The Zimbabwe Stock Exchange (ZSE) experienced a slight downturn this past week, with the All-Share Index recording a marginal decline of 0.38 percent.

This drop was influenced by 18 counters closing in the red, outweighing the 12 counters that managed to register gains.

Among the top performers were Hippo, which saw a 12,50 percent increase to ZiGc 899.96, Willdale, up 11,11 percent to ZiGc 4.00, and First Mutual Properties (FMP), which rose by 8,56 percent to ZiGc 41.53.

Despite these gains, the overall market sentiment was negative, reflecting broader concerns among investors.

Market turnover for the week amounted to ZiG 31,65 million, with the majority of activity driven by Delta, contributing ZiG16,9 million, and EcoCash, which added ZiG4,65 million to the weekly total.

These two counters were the primary drivers of liquidity, reflecting their continued dominance in market activity.

In the exchange-traded funds (ETFs) segment, only two counters recorded price movements. Morgan & Co Made in Zim ETF was a standout performer, surging by 27,05 percent to ZiGc 1.55, indicating strong investor confidence in the fund’s underlying assets.

Conversely, Old Mutual ZSE Top 10 ETF experienced a 7,96 percent decline, closing at ZiGc 16.00.

On the Victoria Falls Stock Exchange (VFEX), the All-Share Index dropped by 1,53 percent, moving from 104.30 points to 102.70 points.

This decline was largely driven by losses in SeedCo International, which fell by 16,23 percent to USc 18.22, Padenga, down 2,74 percent to USc 16.00, FCB, which decreased by 2,66 percent to USc 3.66, and Innscor, which slipped by 2,60 percent to USc 45.00.

The only gainer on the VFEX was African Sun, which edged up by 2,56 percent to USc 3.60.

In corporate news, Invictus Energy, listed on the VFEX, announced plans to hold an Extraordinary General Meeting (EGM) in early October.

The meeting will seek shareholder approval for the ratification of the Second Tranche of a US$10 million placement, along with the issuance of incentive options to the board of directors.

The incentive options will be priced at approximately 50 percent of the recent volume-weighted average share price and will have a three-year term.

Looking ahead, Platinum Securities expects the coming week to see mixed trading as investor participation remains muted.

“The market is facing a liquidity crunch, and with alternative investments becoming more appealing, we anticipate subdued activity,” they noted.

On the VFEX, trading is also expected to remain low due to competing demands from USD-denominated assets and minimal foreign investor participation.-ebisnessweekl