ZSE recovers from recent losses

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After shedding losses in the last couple of days, the Zimbabwe Stock Exchange returned to the positive territory lead by gains in medium capitalised counters.

By the close of trading yesterday, the Medium Cap Index was the best performer with a 2,83 percent gain to 2,437.12.

The Top 10 Index was a slight 0,47 percent up at 1,209.46.

Losses in small cap counters however weakened the overall gain. The Small Cap Index was 1,52 percent lower at 4,805.97.

This resulted in the overall ZSE All Share Index gaining just 1,28 percent to 1,555.70.

Dawn Properties was the day’s top raiser up 20 percent to 114. The company is expected to merge with African Sun. Eventually it is expected to delist.

Another property stock, First Mutual Properties was the second top performer with a 19,95 percent gain to 217,75 cents.

ZHL, which plans to merge with ZPI was third with a 19,93 percent gain. The market was however not short of losers with Powerspeed dropping 19,84 percent to 101 cents.

It was followed by DZLH which lost 16,67 percent to 600 cents. In its last set of results for the full year to December 2019, DZLH reported a 17 percent decline in sales volume.

Sugar producer Hippo Valley, ZPI and African Sun were also part of the falling stocks.

Trading value was however lower than recent times with about $13,6 million worth of shares changing hands.

Econet and Delta got the bulk of the invested funds amounting to $3,6 billion and $3,1 billion respectively.–ebusinessweeklc.oz.w

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