The ZSE extends losses dragged down by blue chips

Published News

Cabinet Lifts COVID lockdown curfew             CABINET yesterday further relaxed COVID-19 lockdown measures, including lifting the midnight curfew. Speaking during the post- Cabinet media briefing acting Information minister Jenfan Muswere said: “Cabinet resolved to relax some COVID – 19 measures and regulations as follows. “That the business hours for the hospitality industry be extended to now cover the period 0800 hours to 0300 hours the following day; that while enforcement of COVID – 19 regulations must continue, the curfew which is currently running from 12 midnight to 0530 hours has been lifted; and that implementation of all COVID – 19 public health and social measures must continue to be strengthened.” Statistics from the Health and Child Care ministry show that the country’s cumulative COVID – 19 cases stood at 254 919 with 247 649 recoveries as of yesterday morning. The recovery rate was standing at 97% with 1 734 active cases having been reported. The World Health Organization (WHO) has also reported a 90% global decline in COVID -19 cases.

We haven’t ruled out US$ salaries       Government yesterday said it has not yet ruled out the possibility of paying civil servants salaries in United States dollars citing the current US$175 incentive as evidence of its willingness to meet workers’ demands. Civil servants have rejected a 100% government wage increase with effect from July 1. At Parirenyatwa Group of Hospitals in Harare, nurses, and doctors gathered outside with police observing them from a distance. Zimbabwe Nurses Association president Enock Dongo said other civil servants had now joined them in solidarity. Zimbabwe Confederations of Public Sector Trade Unions secretary general David Dzatsunga said they would not accept the 100% salary increment. “We want US$480. All civil servants are with you in this struggle,” Dzatsunga said. Meanwhile, economists have said it would be unwise for workers across all sectors to accept salary increments in the local currency given its continued devaluation due to inflation.

Market Commentary

"The ZSE extends losses  dragged down by blue chips"

The local exchange extends losses further, as all indices continued to fall. The mainstream All Share Index slid 3.51 percent to 21,467.01, while the Medium Cap Index lost 0.30 percent and penny stocks lost 0.93 percent. The stock market recorded a significant increase in trading volumes as a function of the Econet deal, of 18 million shares (89 percent of the volume) worth $2.5 billion (93 percent of the trade value). General Beltings led the stocks on the move, surging 14.23 percent to conclude the day at $1.28, while Rio Zim, a mining company, surged 14.17 percent on only 300 shares. The hoteliers, RTG, and the real estate, Mash, each closed 11.11 percent higher at $10.00 and $7.29, respectively.


Meanwhile, Ecocash Holdings dropped 12.32 percent to $87.48, while Dairibord, a dairy processor, lost 10.89 percent to settle at $45.00. FML dropped 10.66 percent to $25.02. The price of Edgars fell 8.15 percent to $4.59.

On the ETF market, the OMTT gained 12.02 percent, indicating a negative correlation with the Top 10 index on which it is based (14.64 percentage points tracking error). While the Multisector increased by 6.77 percent, the Made in Zimbabwe increased by 0.85 percent. The Datvest ETF was the only etf trading in the red.


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