Timothy
Business Writer
The Zimbabwe Stock Exchange started the year in red despite more counters trading positive than those in the negative.
A total 16 counters closed positive while 13 were on the downside.
Losses in heavyweight counters however dragged the market lower.
Delta was among the losers down 3.31 percent to $22.75 as was Econet down 0.47 percent to $9.45. Econet is however expected to continue to benefit from the restrictions caused by the Covid-19 pandemic which has increased the use of digital devices and consumption of its services.
Among the top ten counters by value, Padenga was the biggest loser down 9.89 percent to $21.01. Padenga is however expected to grow its revenues after it ventured into Gold Mining.
Dawn Properties was the day’s biggest loser down 18 percent to $0.59. The company is subject of takeover by African Sun.
By the close of trading yesterday, the ZSE All Share Index was down 0.26 percent, the Top 10 Index down 1.02 percent while the Top 15 index was 1.46 percent lower.
Last year’s best performer the Medium Cap Index was however positive up 1.33 percent to 5 564.33.
This was after strong gains were recorded in First Mutual Properties up 20 percent to $3.24.
GB Holdings and Lafarge also gained 20 percent each to $0.24 and $9.60 respectively. Lafarge saw a boom of cement sales in the 3rd quarter of last year.
TSL and DZLH were also among the top 5 risers up 19.79 percent and 19.41 percent respectively. Dairibord is in talks to merge with rival dairy processor Daindairy.
Typical of a first day of trading in the year, activity was limited with only 1,459,300
shares worth $13,888,228 changing hands. This was also from 160 trades.
Bongani Ndlovu