Political upheavals that followed the July 30 harmonized elections have heavily impacted on the Zimbabwean market which continued to slide with the benchmark All Share Index retreating by 2.11% to settle at 111.78 points while the Industrial Index shed 2.06% to settled at 378.88 points.
According to EFE Securities (EFE)’s Weekly Market Review, the Mining Index took the heaviest knock shedding 3.54% and settling at 158.80 points.
“The Mining Index took the heaviest knock shedding 3.54% and settling at 158.80 points. Heavies weighed on the market as the Top 10 Index succumbed 2.83% and closed the week pegged at 115.08 points amidst sustained selling pressure in the cluster,” they said.
Meanwhile, last week saw the main opposition filing the much awaited Presidential election results challenge, with the market seemingly watching the political developments as activity slows down.
“The market saw twenty-three stocks close with price movements and had a distribution of ten risers against thirteen fallers to set a negative breadth of three.
“Construction group, Masimba headlined the fallers with a 20.40% slide that took the group to $0.0398 while, Get Bucks Microfinance Bank succumbed 9.91% and capped the week at $0.0300.
“Dairibord was 7.14% softer at $0.1300 as beverages giant Delta succumbed to selling pressure to lead the heavies’ shakers on a 7% slip to $1.9995. Regional cement manufacturers PPC let go 5.74% and settled at $1.1500 on waning demand.”
They added that the market had ten gainers which mitigated the losses for the day, headlined by Nicoz Diamond with a 13.67% rise that took it to $0.0341 while capping the weekly top fallers was Hippo that retreated 0.15%.
“Mining house RioZim declined 5.08% and settled at $1.4000. Selling pressure also emerged in Econet to see the telecoms giant retreat 2.50% and closing the week at $1.2001.
“Light manufacturing group Innscor let go 0.39% and settled at $1.4144 while, retail group OKZIM dropped 0.34% and ended at $0.2349.
“Capping the weekly top fallers was Hippo that retreated 0.15% and ended at $1.6875. The market had ten gainers which mitigated the losses for the day, headlined by Nicoz with a 13.67% rise that took it to $0.0341. Banking group CBZ was in an 8.59% rebound to $0.1100 while, FMP accumulated 7.53% and settled at $0.0600,” noted EFE Securities.