HARARE – The stock market continued to struggle for direction as Monday’s session saw the ZSE swing into losses.
Overall, a negative market breadth was registered as 20 counters traded in the red against 17 risers, while 13 remained unchanged.
The mainstream All Share Index lost 0.26% to 6,718.29.
The Top 10 Index was 0.25% down to 3,638.28 after losses in Innscor managed to offset gains in Hippo and BAT.
BAT Zimbabwe was the top blue-chip performer gaining 8.59% to ZWL$999.0000 and Hippo put on 8.57% to ZWL$190.0000. The stock now has a year to date gain of 110.71%.
Innscor shed 5.17% to ZWL$90.3625.
Topping the losers set was milk processor Dairibord which plunged 4.55% to ZWL$35.0000. This comes at a time when merger talks between Dairibord and Dendairy collapsed. First Capital Bank followed, slumping 8.48% to ZWL$3.1609 with FMP shedding 2.83% to ZWL$12.0000.
The Medium Cap Index suffered most as it succumbed 0.30% to 17,144.79pts.
However, Willdale led the risers, gaining 10.01% to ZWL$3.3033. Agricultural concern Ariston added 3.21% to ZWL$3.1038. In a notice to shareholders, the company said it is now in the process of seeking regulatory approvals for the transaction.
This transaction involves disposal of 50% of Ariston Holdings Limited’s shareholding in Claremont Orchards Holdings (Private) Limited to a Netherlands based private company, Tuinbouw Zonder Grenzen B.V.
“The transaction will enable Ariston Holdings Limited to receive cash for its 50% equity which will be used in further macadamia and avocado orchard development,” it said.
“If successfully concluded, the transaction may have a material impact on the company’s share price. Accordingly, it is advised that caution should continue to be exercised in dealing with the company’s shares until such time as the outcome of the negotiations are finalised.”
SeedCo Limited, which has collected 96% of its year-end closing receivables and expects to collect the rest before the end of September 2021 in Zimbabwe, eased 1.33% to ZWL$75.9786. Also its Zimbabwean operations recorded 23% volume growth in 4 months to July 2021 from winter cereals.
The Small Cap Index retreated 0.21% to 227,289.45pts on Medtech which plunged 4.38% to ZWL$0.2575.
Nickel miner BNC was 3.60% higher to ZWL$4.9774.
Turnover declined to ZWL$38.2 million after 2.59 million shares traded. -Economic Times-