×
NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

ZSE bounces back

Business
THE Zimbabwe Stock Exchange (ZSE) recovered from Tuesday’s lows, recording a turnover of $155 467 yesterday aided by trades in three counters — Delta, National Foods (Natfoods) and Old Mutual.

THE Zimbabwe Stock Exchange (ZSE) recovered from Tuesday’s lows, recording a turnover of $155 467 yesterday aided by trades in three counters — Delta, National Foods (Natfoods) and Old Mutual.

BY BUSINESS REPORTER

ZSE hit a seven year low on Tuesday after recording a turnover of $105 following the sale of 6 995 Barclays shares.

According to data from ZSE, 120 732 Delta shares exchanged hands, generating $78 772. The shares were sold at a price of $0,6524 per share. Natfoods was the second largest contributor to turnover after 37 296 shares were sold, raking in $76 084. The Natfoods shares were sold at $2,04 per share. Old Mutual completed the cast after 262 shares exchanged hands at a value of $606. The shares exchanged hands at a price of $2,31 per share.

Tuesday’s trades came on the back of a sluggish performance by the bourse in the first half of the year, with ZSE chief executive officer, Alban Chirume projecting a 4% dip in annual turnover this year due to weak fundamentals and perceived country risk by foreign investors.

Turnover, in the first half of the year, fell to $89,29 million from $137,73 million recorded in the same period in 2015.

Trades were dominated by foreign investors accounting for 63% of the total trades during the period. In the same period in 2015, foreign trades accounted for 51% of the trades.

Performance of a stock exchange is a mirror image of the state of the economy and is used by foreign investors to gauge the health of an economy.