No respite yet for ZSE stocks

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It was another bad day for equity market investors yesterday as the ZSE was largely in the negative territory with just four counters recording gains.

Small capitalised companies were again punished by the market with the Small Cap Index dropping 3.17 percent to 4,490.15.

Among the penny stocks that traded, Willdale lost 10,31 percent to 20.54 cents while Edgars was worse off down 18,93 percent to 60.8 cents. Edgars is currently in the market looking for additional capital through a rights issue.

The clothing retailer also recently saw a change of management with long-serving managing director Linda Masterson stepping down and replaced by Ms Tjeludo Ndlovu.

Other notable losses for the day were in FBC Holdings down 5,71 percent to 990 cents and Zimpapers down 5,8 percent to 65 cents.

Among the big caps, Cassava lost 6,93 percent to 499.78 cents, Innscor down 2,64 percent to 1494.44 cents as well as Delta and Econet down 0,22 percent and 2,54 percent respectively.

Only four counter closed positive with CBZ being the top riser up 13,25 percent to 290.94 cents.

Star Africa, Padenga and National Foods added 0,28 percent, 0,14 percent and 0,04 percent respectively.

At list, $48,7 million worth of shares changed hands yesterday.–chronicles.co.zw

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