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Business Writer
The downward trend on the Zimbabwe Stock Exchange continued unabated yesterday with all major indices closing in the negative territory.
Heavy losses were however recorded in small-cap counters with the Small Cap Index shedding 2,51 percent to the 4,637.18 level.
Small-cap counters that closed negative were Proplastics down 1,32 percent to 670 cents, Zimplow down 9,7 percent to 343,33 cents, and Star Africa down 0,17 percent to 17,9 cents.
Star Africa’s weakness comes as the company said sugar sales volumes at Goldstar Sugars Harare (GSSH) were 7 percent lower than those recorded in the prior year comparative period mainly due to intermittent water supply as well as disruptions presented by the COVID-19 pandemic.
Also, sales volumes for Country Choice Foods (CCF), which is into mainly sugar derivatives, were 23 percent lower than prior year comparative mainly as a result of the continued decline in the currency’s purchasing power as consumers have been appropriating their income to basic food items.
Edgars was however the biggest loser with a 12,79 percent loss to 75 cents. The company has had to delay its $70 million capital raise because of the closure of the ZSE for more than a month.
The Medium Cap Index followed with a 1,26 percent drop to 2,801.55.
Dawn Properties was among the mid-cap counters that recorded losses after losing 0,23 percent to 109.75 cents.
Axia also dropped 5,5 percent to 401.88 cents.
The ZSE Top 10 Index which has suffered heavy losses in the last couple of weeks lost 1.05 percent to 857.89.
Losses were more pronounced in Econet down 7,45 percent to 507.92 cents, Innscor down 4.01 percent 1534.96 cents as well as Cassava down 3,78 percent to 536.98 cents.
The market is however still positive since the beginning of the year with all indices having gained above 300 percent each.
Online Reporter