ZSE stocks little changed as Old Mutual halts losing streak

 ZSE stocks little changed as Old Mutual halts losing streak
Published: 19 March 2020
The equities market closed near flat on Thursday after gains in select heavyweight stocks restricted the losses on the benchmark index to just 0.08%.

Trading in the heavyweight was not impressive with marginal movements on both the negative and positive sides as investors continue to wait for the dust on currency stability reforms to settle. This comes as the interbank mid-rate only managed a small movement today to close at 24.5749.

Innscor was the worst heavyweight performer losing 1.87% to 785.05c ahead of the imminent release of its results. OK Zimbabwe was 1.68% lower to 190c, Econet shed 1.56% to 260.74c and Delta pared a marginal 0.38% to 628.93c. The losses saw the Top Ten Index close with a 0.54% loss to 391.71. This is in spite of gains in Meikles, Old Mutual and Padenga.

Meikles was 10.51% higher to 723.33c and Old Mutual halted its losing streak to gain a marginal 0.27% to 3800.97 as the stock remains an attractive hedge in spite of the fungibility suspension. Total traded value - all local - was at $2.42 million.

Padenga added 0.51% to 545.81c taking its year to date gain to 115.52%.

The wider market through the All Share Index pared 0.08% to 474.06. Powerspeed was the worst performer, losing 14.63% to 35c. Mashonaland Holdings was 8.57% down to 27.43c while fellow property stock ZPI was 19.05% higher to 15c to lead the day's risers.

The Small Cap index put on 0.56% to a level of 1,403.29, whilst the Medium Cap was also up a marginal 0.75% to 671.43.

Turnover for the day amounted $21.8m with most of it being contributed by Dawn $6.1m, Delta $4.5m, Innscor $3.2m, Econet $2.9m and Padenga $2.5m. This was after 22 stocks traded with a balance of 11 in the negative and 11 in the positive as total volumes traded were 50.7m.

Foreign purchases $657 516 against a sell off of $5.49 million. Foreigners sold Delta, Econet, Cassava and Old Mutual while they bought into Axia, Innscor, Padenga, Econet and Cassava. Total trade count stood at 207.
- finx
Tags: OldMutual,


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