Timothy
Business Writer
There was no joy for stock market investors on Monday with all major indices closing in red although trading itself was mixed with more gains than losses.
Selling pressure continued amid a slew of bad results being reported by the listed companies.
Clothing retailer, Truworths, is the latest to report a disappointing, but expected set of results for its full year to July 2020 financial period.
The company reported a 58 percent drop in units sold for the period under review.
By the close of trading yesterday, Truworths, was the biggest loser with a 17.5 percent drop in share price.
Tobacco processing concern, BAT, also reported a similar downward trend with its sales volumes coming off by 8 percent.
The results, which reflects subdued aggregate demand in the economy, has put pressure on listed stocks, already smarting from selling pressure from frustrated foreign investors.
The ZSE is currently trading lower than the values it traded at 5 or 10 years ago in US dollar terms.
The last four years were particularly difficult for foreign investors as they could not repatriate disinvestments, capital gains or dividends.
The establishment of the foreign currency auction system has, however, given foreign investors a rare window hence the continued sell off of local stocks.
All major ZSE indices closed negative albeit with marginal losses below 0.5 percent.
A total eight counters closed in the red while nine were in the positive territory.
A total $21 million was invested with the bulk of $8.4 million invested in Delta.
Online Reporter