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Zimbabwe: Stock Exchange Second Worst Performer in the Region

THE Zimbabwe Stock Exchange (ZSE) was the second worst performer in the region shedding off 13,25 percent since beginning of the year on subdued trading. On a year on year basis, the mainstream industrial index has lost 30,99 percent of its share value, sitting at the bottom of the regional log, according to African Financials, which has cost investors an estimated $900 million.Leading the regional fallers is the Lusaka Stock Exchange All Share Index (LUSE) which dropped 17 percent on a year to date basis.

Shares in Malawi, Kenya and Uganda reduced by 11,84 percent, 10,98 percent and 5,71 percent respectively while Botswana has lost 5,9 percent of value since beginning of the year as regional economies succumb to the weakening prices of commodities.

Mauritius is 3,29 percent weaker YTD while it has lost 10 percent on a year on year basis.

On the upside are Namibia Stock Exchange (NSX) which is 17,95 percent firmer and the region’s biggest exchange, the Johannesburg Securities Exchange (JSE top 40) gained 1 percent.

Africa’s largest economy, Nigeria’s exchange gained a marginal 0,57 percent since January.

Meanwhile, the ZSE yesterday continued on a downward trend easing 0,62 percent to settle at 99,01 as companies are caught up in tightening business environment shown by recent trading updates that bear testimony to shrinking earnings.

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The biggest stock by market capitalisation, Delta last week cited revenue and volumes declines on tough trading environment while agro-concern CFI Holdings reported a 45 percent slump in the top line for the eight months to May 2016.

In yesterday’s trading, Delta slowed 1,55 percent to 65 cents while hotel group Rainbow Tourism Group RTG eased 16 percent to 1 cent. CBZ Holdings and Pearl properties fell 1,42 percent to 10,35 cents and 0,5 percent to 1,99 cents respectively.

However, on the upside was insurance giant Old Mutual which rose 0,31 percent to $2,30 and Fidelity Life, which increased 6,69 percent to 10,99 cents.

Other risers were seed producer, Seedco which inched up 0,05 percent to 56,75 cents.

The less active mining index of four stocks was yesterday in surprise 0,08 percent climb to 24,72 on gains in RioZim which added 0,03 cents to close at 17,03 cents.

Bindura, Falgold and Hwange maintained previous price levels at 1 cent, 0,55 cents and 3 cents respectively.

Value trades for the day improved 630 percent to $538 301 while volumes also grew 317 percent to 3,9 million shares with Fidelity accounting for 85 percent of the total exchanged.

Locals dominated trades as foreign purchases fell 24 percent to $50 162 while foreign disposals stood at $213 940.

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