The Zimbabwe Stock Exchange (ZSE) widened its loss gap after losing a further 9 percent in the week to Wednesday on weak sentiment.
The primary All share Index lost 10,68 points or 9,53 percent to 101,41 level as poor investor sentiment prevailed following the explosion in Bulawayo last Saturday at a rally.
The ZSE Top 10 Index let go of 11,76 percent of value to settle at 102,05 level on losses on the market’s top capitalized counters.
At 340,51 level, the Industrials Index was 8,89 percent weaker as losses spread across the board. The less active Minings index of four counters retreated 1,88 percent to 159,41 level following a 2,6 percent loss in RioZim.
Total market capitalisation succumbed 9,56 percent to $9,726 billion compared to $10,467 billion recorded in the prior week.
Turnover for the week was however 92,97 percent higher to settle at $18 million compared to last week’s $9,4 million.
Of this, foreigners were the net buyers contributing $10,4 million while foreign sales were at $4,2 million.
Weekly volumes were 63 percent lower after 23,255 million shares exchanged compared to last week’s 62,971 million shares.
Total trades for the week were 37 percent higher at 657 trades compared 479 in the comparable week.
The country’s only listed and fully integrated media group, Zimpapers headlined the week’s risers after gaining 15,65 percent to closer at 1,33 cents.
The group surpassed revenue and profitability targets for the first five months of this year, while the performance ran ahead of prior year comparatives.
Zimpapers’ revenue for the period January to May 2018 came in at $16,5 million against budgeted top line of $16,25 million.
Also on the upside was Dairibord which rose by 3,17 percent to 13 cents while hospitality group African Sun grew 1,47 percent to 6,9 cents.
Banking group, NMB rose by a marginal 0,43 percent to 11,55 cents while clothing retailer Edgars also added a marginal 0,33 percent to 6,12 cents.
Other gains were recorded in cigarette manufacturer BAT and National Foods that marginally increased by 0,20 percent to $25 and 0,18 percent to $5,46 respectively.
On the downside, SeedCo plunged 26,94 percent to $2 followed by Old Mutual which retreated 19,92 percent to $4,81.
The insurance giant suspended trading of its shares on the local bourse before relisting. On June 26, Old Mutual relisted its shares on the Johannesburg Stock Exchange (JSE), undertook a standard listing on the London Stock Exchange (LSE) and secondary relistings on stock exchanges of Malawi, Namibia and Zimbabwe.
The relisting is the result of Old Mutual plc’s “Managed Separation” strategy, which was announced in March 2016, to separate the London-based group into four independent, standalone companies.
Also on the downside was Econet which retreated 19,21 percent to 94,26 cents from $1,16.
Sugar manufacturer, Star Africa lost 18,75 to 1,3 cents. The group reported turnover for the year to March 31, 2018 increased 47 percent to $48,1 million compared to $32,6.
Ariston sealed the top five fallers for the week after it declined 16,67 percent to 1,4 cents.
Other losses were recorded in TSL, OK Zimbabwe, Innscor and that fell 11,11 to 40 cents, 11,07 to 20 cents and 10,09 percent to $1,32 respectively.
The market’s biggest stock by capitalisation, Delta, closed the week 9,93 percent weaker to $1,80 from $1,99 in the previous week.
Art, FBC Holdings and Lafarge maintained prior week levels of 6 cents, 22 cents and $1,35 respectively. )