ZSE ends April in the red
PHILLIMON MHLANGA
The Zimbabwe Stock Exchange (ZSE) ended the month of April lower with the benchmark All Shares shedding about 3% or 635.17 points to 28 391.75 points from 29 026.92 points amid fears the Reserve Bank of Zimbabwe will hike interest rates to fight unrelating inflation.
Annual inflation in the month of April rose to 96.4% from 72.7% in March.
Zimbabwe’s largest brewer, Delta Corporation, lost ZWL$42.2330 to ZWL$399.9760.
Meikles went down by ZWL$29.9613 to ZWL$244.9753 while Zimbabwe’s largest mobile telecommunication s operator, Econet Wireless Zimbabwe retreated ZWL$47.51 to ZWL$281.51.
Resources firm RioZim, also traded ZWL$18 weaker to ZWL$150. Conglomerate Innscor Africa Limited also traded ZWL$10.56 weaker to ZWL$609.33. Tanganda was ZWL$10.38 lower ZWL$240.12.
Simbisa traded ZWL$8.37 lower at ZWL$321.08.
“High inflation is something which tends to harm stock valuations. Volatility is likely to remain,” an investment analyst who preferred anonymity told Business Times yesterday.
However, top gains were recorded in Hippo Valley which traded in the positive adding ZWL$60.05 to ZWL$510.05 while Seed Co was ZWL$4.04 stronger at ZWL$240.012. The financial services provider, CBZ Holdings, ended the month ZWL$11.84 stronger at ZWL$1263.
NMB and National Foods gained ZWL$2.0609 and ZWL$1 to ZWL$36.91 and ZWL$2 201.00 respectively.
ZB Financial Holdings was ZWL$0.98 higher at ZWL$90.49.
Top 10 index lost 2.82% to 18 786.03 points from 19 331.40 points. Small caps shed 0.78% to 587 219.17 points from 590 028.07 points.
Market capitalisation dropped 3.28% to ZWL$3.458 trillion from ZWL$3.547 trillion.
Turnover dropped 3.28% to ZWL$171.7m from ZWL$292m.
