ZSE, VFEX struggle as Econet and Zimpapers lead gains

04 Feb, 2025 - 18:02 0 Views
ZSE, VFEX struggle as Econet and Zimpapers lead gains

Tapiwanashe Mangwiro

The Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) saw mixed fortunes on Monday, with market-wide losses overshadowed by select gains from key counters.

The ZSE All Share Index slipped 0,11 percent to close at 195.35, while the Top 10 Index fell 0,33 percent to 192.19. The overall market capitalisation declined 0,90 percent to ZiG 59,02 trillion or US$2,24 billion, reflecting investor caution.

Telecommunications giant, Econet, was the standout performer, surging 9,77 percent to ZiG 274.86, making it the top value leader with ZiG 3,3 million worth of shares traded. SeedCo also saw significant gains, rising 8,12 percent to ZiG 200.00. The best performer year-to-date was Zimpapers, skyrocketing 50,00 percent, followed closely by ZHL at 47,96 percent.

On the losing side, Delta Corporation fell 3,61 percent to ZiG 1 250.07, despite being the most traded stock by value, with ZiG 13 million changing hands. Other notable declines included Unifreight which was down 0,47 percent and Tanganda which slipped 0,03 percent.

Total value traded on the ZSE surged 1 383,30 percent to ZiG 16,83 million, signaling increased investor participation. The interbank exchange rate edged up 0,06 percent to 26.3813 ZiG/USD, reflecting marginal local currency depreciation.

The VFEX struggled, with its All Share Index dipping 1,63 percent to 101.34, while market capitalisation fell 1,50 percent to US$1,24 billion. African Sun was the biggest loser, plunging 5,00 percent to US$0.0418, while Simbisa fell 4,74 percent to US$0.3239. However, Zimplow bucked the trend, soaring 14,71 percent to US$0.0195.

With year-to-date declines of 9,34 percent on the ZSE and 3,76 percent on the VFEX, market sentiment remains weak. However, selective buying in strong counters like Econet suggests investors are still looking for value amid economic uncertainty.

 

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