Shares on the Zimbabwe Stock Exchange (ZSE) ended two weeks of heavy battering on Wednesday after the mainstream industrial index rose a marginal 0,21 percent or 0,39 points to 183,14 points. Since the July 31 election, the industrials plunged over 20 percent to as low as 182 points, the lowest in many months, as foreign investors pulled out funds, wiping nearly a billion dollars off the ZSE value.
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The usual market movers, Econet Wireless, Delta Corporation Limited, British American Tobacco (BAT), Innscor Africa Limited, Old Mutual, PPC, National Foods lost between 20 and 50 percent of their values during that bloodbath.
Analysts say stocks may stabilise after the formation of the new Government before end of this month.
After trades on Wednesday, mid-tiers led the recovery in mixed trading as investors appeared to settle, ending many days of panic-selling. Hippo Valley Estates rose the highest, adding US5c to US105c.
Meikles Limited and OK Zimbabwe added a cent each to trade at US30c and US21c respectively. RTG increased by US0,11c while Africa Sun added US0,07c to settle at US1,21c and US2,07c respectively.
The gains were partially offset by declines in Econet, down US0,47c to settle at US50c with a turnover of US$418 000.
This was amid a directive from the Posts and Telecommunications Regulatory Authority (Potraz) to reverse Econet’s 60 percent reduction on tariffs for voice calls across networks.
National Tyre Services (NTS) was the biggest loser with a US0,60c drop to US2,90c.
CBZ Holdings and Delta traded a cent lower to close at US14c and US113c respectively.
Padenga slid 7,7 percent to US6c.
The mining index remained steady at 48,05 points with Bindura, Falgold and Hwange trading unchanged.
Value of trade fell 47 percent to US$2,1 million from the previous day’s trade of US$4,04 million.
Turnover movement in the week increased 221 percent from Monday’s US$0,666 million to US$2,142 million on Wednesday.
On Monday, industrials lost 1,54 percent before losing a further 1,25 percent on Tuesday closing at 182,75 points.
Stocks that led the market lower on Monday and Tuesday were Rainbow Tourism Group, NMB, Padenga, TA Holdings, Pelhams, BAT, Seed Co, FBC Holdings and Econet.