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NewsDay

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ZSE ends losing streak

Business
The Zimbabwe Stock Exchange (ZSE) rebounded on Friday after the benchmark industrial index ended its seven-day losing streak gaining 1,12% to 318,65 points as the economy begins a new era under President Emmerson Mnangagwa.

The Zimbabwe Stock Exchange (ZSE) rebounded on Friday after the benchmark industrial index ended its seven-day losing streak gaining 1,12% to 318,65 points as the economy begins a new era under President Emmerson Mnangagwa.

BY BUSINESS REPORTER

The index has been on a losing streak since November 15 when the military stepped in to arrest the deteriorating social, political and economic conditions.

The takeover ended on Friday when Mnangagwa was sworn in as Zimbabwe’s second executive President following the resignation of former President Robert Mugabe on Tuesday.

The rebound in the industrial index was led by gains in Delta, Econet, Padenga, Innscor, African Sun and Masimba Holdings.

Delta added $0,0720 to trade at $1,3223, Econet advanced by $0,0268 to $0,8868 while Padenga closed at $0,5443 after recording gains of $0,0218. Innscor was up $0,01895 to close at $1,1192 while hospitality group African Sun and Masimba added $0,0030 to trade at $0,0410 and $0,0750 respectively.

The shakers were led by Old Mutual which shed $0,1745 to close at $4,5755, SeedCo shed $0,0601 to $1,4708 and OK Zimbabwe dropped $0,0200 to end at $0,1405. Cement producer PPC was down $0,0177 to close at $1,8802 while Axia and CFI Holdings were $0,0100 lower to close at $0,1800 and $0,6900 respectively.

The mining index retreated by 2,46% to close at 126,63 points. ZSE, like any stock exchange, provides a mirror image of the economy and is closely followed by investors.