- Monthly losses widened to -1.4%
- The bourse tumbled 17.51 points
- Penny stocks recovered from prior session losses
- Dairibord emerged as the worst performer
Harare - Despite mild gains recorded last week Thursday, the local bourse opened the new week on Monday in red extending the prior session loss for a third consecutive week after tumbling by -0.26% to close the session lower at 6718.29 points, widening the monthly loss to -1.4%.
After the country was given almost US$1 billion by the IMF, investors have taken to sell-off some of their holdings in stocks as they are wary that the funds will result in a downward correction of stock prices as USD flows improve and hyperinflation risk fades.
Market heavies, headlined by Dairibord and Innscor, stirred the losses, while the penny stocks shunned the prior session’s negative streak.
Meanwhile, aggregate turnover fell by -41% from the prior session to ZW$38.21 million against a -35% decline in volumes with Delta leading the turnover contributors in the session at 27% of the aggregate.
As the trade ended, Dairibord came out as the worst performer in the session as it succumbed by -14.55% after easing $5.9600 to close at $35.0000. The company announced yesterday its withdrawal from prior plans to merge with Dendairy for a conglomerate.
Innscor extended its prior session loss as it tumbled $4.9306 to settle at $90.3625 while the local largest seed producer and marketer SeedCo closed lower at $75.9786 after declining by $1.0310.
Wines and Spirit maker, AFDIS decreased by $1.0000 to settle at $74.0000 while beverages maker DELTA eased $0.6254 to close at $86.0472.
However, trading in the positive was BAT which rose by 8.59% to $999.0000 after gaining $79.0000 while sugarcane producers, Hippo Valley Estates inched up by $15.0000 to $190.0000.
Meanwhile, the largest fast-food restaurant operator in Zimbabwe, Simbisa was $0.5025 firmer at $40.0000. The government last week gave green light to restaurants operators to allow fully vaccinated sit-in patrons while observing COVID-19 regulations.
First Mutual Holdings increased $0.3224 to settle at $24.9412.
Clay Brick manufacturing and supplying company, Willdale was also in the positive territory after buoying $0.3006 stronger at $3.3033, buttressing its prior session gains.
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