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Kudzanai Sharara
There were more risers than fallers on the Zimbabwe Stock Exchange yesterday as investors took profits from the recent rally which saw the market reach record breaking levels in both volumes and market value.
Before yesterday’s profit taking, the ZSE had reach a record $206,4 billion market capitalisation while turnover since the beginning of the year is now above $2 billion, something which took the whole of last year to be achieved.
But with such record gains, the market took a breather yesterday with profit taking being recorded across the board although gains were still recorded in some counters.
Of the counters that traded 18 were in the red while 16 stocks recorded gains.
This saw the ZSE All Share Index close negative having lost 3,24 percent to 1,546.08.
The ZSE Top 10 Index was the biggest loser dropping 6,43 percent to 1, 262.16. The index is made up of the bourse’s blue chip companies such as Delta which lost a massive 17,03 percent to $24,64.
Others that make up the ZSE Top 10 Index were Econet down 0,74 percent, Innscor down 5,42 percent, Seedco down 11,87 percent and Old Mutual down 6,72 percent to $85,05.
Small tier stocks Medtech and Willdale were also on the downside with a 2 percent and 0,46 percent losses.
The market was however not short of risers with cement maker Lafarge being the top riser up 20 percent to $5,04.
FBC Holdings was the second top riser up 19,97 percent to $3,96 while Hippo and PPC also added 19,91 percent and 17,58 percent respectively.
In terms of turnover which reached $51 million for the day, Delta was most favoured with investors putting in $18,5 million followed by Powerspeed where $8,2 million was invested.
Old Mutual also got a sizeable chunk of $6 million.
Online Reporter