Trading resumed yesterday at the country’s stock exchange and investors reportedly lost a whopping $10 Billion on the first day of trading since the government suspended trading pending investigations into black market activities fueling the runaway exchange rate, the Chronicle reports.
According to the publication, the market cap closed the day at $218 Billion yesterday down from $228 Billion on 26 June the last day of trade before the month-long suspension.
Only Bindura and ZB Financial services traded in the black yesterday according to the publication as all other stocks succumbed to a sell-off according to the publication:
By close of Monday trades, all indicators were in the negative as stocks across the board succumbed to sell off. The primary indicator, the ZSE All Share Index shed four percent to settle at 1 708 points while the ZSE Top 10 eased five percent to 1 163 points as the market’s heavy cap counters faltered. The ZSE Top 15 reduced by 75 points to close at 1 337 points. At 3 213 points, the Medium Cap was 89 points less. The Small Cap went down four percent to close at 5 313 points.
Weighing down the market were Powerspeed that lost 20 percent to $1,16. Padenga and MedTech lost 19 percent each to settle at $11,05 and 9,5 cents respectively. TSL eased 17 percent to $3,40 while Mashonaland Holdings wrapped the top five shakers with a 16 percent decline to 60 cents.
Fungible counters Old Mutual, PPC and Seedco remain suspended until further notice.