Stock Market Weekly Review

16 Feb, 2024 - 00:02 0 Views
Stock Market Weekly Review The ZSE

eBusiness Weekly

Business Writer

Despite three block trades boosting turnover, bearish sentiment held sway on the Zimbabwe Stock Exchange (ZSE) this week, with the benchmark All Share Index dropping for four consecutive sessions.

Block trades in Dairibord, Zimre and Tigere during three trading sessions this week (Tuesday to Thursday) propelled weekly turnover to nearly $23 billion.

On Tuesday, a $4 billion block trade in Tigere significantly boosted the overall value traded on Thursday, reaching $5,12 billion.

The following day, Zimre witnessed another large block trade of 25 million shares, representing 53 percent of the market’s trading volume ($7,36 billion).

Yesterday, a single trade in Dairibord accounted for an impressive 81 percent of the day’s total turnover ($8,7 billion), with 7,9 million shares changing hands.

Opening the week in a bearish mood, the All Shares Index dropped 1,65 percent under persistent selling pressure. The market exhibited mixed bias, with 12 gainers and 11 losers.

Notably, OK Zimbabwe trades dominated the session, accounting for 79 percent of the revenue. Trading activity remained subdued on Tuesday, marked by limited demand and supply.

The mainstream index fell 1,88 percent due to selling pressure from major stocks, resulting in negative market sentiment with 17 decliners and only 8 advancers.

On the VFEX, 1,03 million shares were traded, generating US$190 000 in turnover.

The VFEX All Share Index also declined by 1,9 percent.

Trading activity on the exchange remained subdued on Wednesday, with the mainstream index extending its losses by 4,72 percent.

The decline pervaded all market indices, as the VFEX All Share Index also closed 0,81 percent lower.

Despite this, 50 million shares were traded, valued at US$1,5 million.

Bearish sentiment persisted on Thursday, pushing the All Share Index further down 1,6 percent. There was little trading activity on the VFEX with 121 000 shares worth US$36 000.

The VFEX All Share Index also experienced a decline, closing 0,44 percent lower.

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