By Almot Maqolo.
HARARE – (News of The South) – The market continues to gain amid the Covid-19 pandemic which has left governments with a mandate to bailout companies of different sizes through loans. Rate cuts, low interest loans and other measures such as tax cuts have been put upfront in order to save the economy from total collapse.
The economy seems to have welcomed measures announced by President Mnangagwa as the All Share Index was up 1.20% to close at 498.28. Top 10 Index added 1.10% to close at 403.98 as the Small Cap Index was up 2.95% to move to 1 641.94. Medium caps would not be left behind as they added 1.21% to 723.79.
Gains were recorded in Cassava which continues to see more income through VAYA in times when public transport has left business owners with no choice. The company was up 6.74% to 347.63c as it continues it’s lockdown gains run.
First Mutual Properties was up 15.04% in the session to 130.00c, whilst conglomerate Meikles continues to play within the 550.00c-670.00c band as it added 2.41% to 615.48c. Art which is one of this year’s best performing stocks with a year to date of 378.53% was up 19.68% to 74.50c today.
Despite posting mixed 2019 full year results on revenue and sales Dairiboard saw a gain of 10.24% to end at 91.50c today.
The gains were offset by Old Mutual, as the financial company saw a 2.67% drop in price to 4184.20c, as another Top 10 company OK Zim lost 0.59% to 196.83c. Mashonaland Holdings was also a loser in the session after it was down 5.74% to 23.63c and it led the volumes traded today with 3.3 million in just 6 trades. With the tourism industry still closed, investors continue to exit the industry as hotelier Africa Sun lost 3.18% to 50.00c.
Delta which has seen a 71.98% reduction in it’s price in April was again in the red today with a 0.80% loss to 580.14c.
Turnover for the day closed at $10.4m which is still lower than the $25m expected on ZSE. Econet contributed the most with $2.7m and Delta had $1.5m.
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