HARARE – The Zimbabwe Stock Exchange continued its losing streak at the start of the week, amid concerns that the explosion which occurred over the weekend, at a Zanu PF rally in Bulawayo, could act as a restraint on external capital that the President has been pursuing under his Open for Business push. The explosion, was the first of its kind at a public gathering in recent history.
Already, two people were confirmed dead, while three others are said to be in critical condition. Investigations are underway with the police offering a reward to anyone that has information on the explosion, which could have been targeted at President Mnangagwa or his deputy Constantino Chiwenga. The explosion occurs in the wake of statements by the President that some in the party want to remove his from power and were plotting to impeach him after the elections.
Amid concerns that the explosion, which has already been labelled an act of terrorism by the Government, would make the country unstable the main indices on the ZSE widened their losses. The Industrials and All Share indices were down 1.92 percent and 1.89 percent to 355.54 and 106.70, respectively.
A number of heavyweights declined, resulting in the Top 10 index closing 2.14 percent weaker to 103.83 ahead of the delisting of one of the counters in the index this week. Old Mutual is set to delist on June 29.
Retail giant OK Zimbabwe eased 8.51 percent to 20 cents while crocodile meat and skins producer Padenga Holdings shed 0.31 percent to 65 cents.
Turnover closed at $3,373,224 partially thanks to Econet Wireless’ 1,309,643 shares which were traded at a value of $1,421,713. The telecoms giant’s share price was 3.01 percent down to settle at 108.55 cents.
Largest company by market capitalisation, Delta Corporation retreated 1.28 percent to 187.53 cents with 695,853 shares of the beverages manufacturer changing hands at $1,305,002.
Innscor was also in the red after its share price dipped 5.30 percent to 140 cents with $501,509 being realised from the trade of 358,221 shares of the company.
Seed producer Seed Co closed 6.52 percent weaker to 215 cents with 63,117 shares of the company going through at $135,702.
Offsetting the losses were hospitality concern African Sun which added 1.47 percent to 6.90 cents and financial services concern NMB which added 0.87 percent to 11.60 cents. – FinX
