ZSE in strong recovery after Tuesday’s losses

The Zimbabwe Stock Exchange staged a strong recovery on Wednesday with all major indices, with the exception of the Small Cap Index, recording gains.

At the close of trading, the ZSE All Share Index was up 2,33 percent to 11 217.51, while the ZSE Top Index fared even better after recording a 2,82 percent gain to 7 126.41.

The Small Cap Index however faltered shedding a marginal 0,40 percent to 397 560.34.

Diversified group TSL was the day’s top riser up 20 percent to 9 000 cents. There is however no publicly known information that could have acted as a catalyst to the share price surge.

Beverages giant Delta, was the second-best performer, picking 8,28 percent to 17 244.13 cents. Delta is however facing stiff competition in its local soft drinks business where Varun Beverages has been gaining market share and expanding operations.

On the downside, Medtech was the biggest loser with a 19,90 percent drop.
First Mutual Holdings Limited, which will soon count CBZ as its major shareholder was the second-worst performer down 10,53 percent to 1 700 cents.

Subsidiary First Mutual Property also weakened after losing 6,04 percent to 700 cents.
CBZ Holdings, which is struggling with high default rates in its agriculture finance programmes was also among the loser after dropping 5,51 percent to 7 094.77 cents.

Econet was however the most traded counter after shares worth 537 155 600 changed hands. The counter gained a marginal 0,44 percent to close at 8 639.97 cents.-eBusiness Weekly