HomeBusiness DigestStocks mixed amid poll petition uncertainty

Stocks mixed amid poll petition uncertainty

Stocks traded sideways this week amid uncertainties on the outcome of a Constitutional Court ruling seeking to set aside the election of President-elect Emmerson Mnangagwa and lingering concerns over inflation.

Staff Writer.

Stocks opened the week flat at 112,77 points after last week’s decent gains with the mainstream all-share index flat at 112.77 points.

Old Mutual added US$0,0186 to close at US$5,20, Powerspeed rose by US$0,0160 to close at US$0,0960 and Masimba advanced by US$0,0080 to close at US$0,0478. Bindura moved up by US$0,0040 to close at US$0,0600 while African Sun closed at US$0,0760 following a US$0,0028 gain. ZB, which dropped by US$0,0325 to close at US$0,30, CAFCA shed US$0,0099 to US$0,74 and First Mutual Holdings fell US$0,0097 to close at US$0,17.

On Tuesday, stocks rebounded 0,08%, buoyed by gains in both mid and big caps as investors took positions in stocks.

The all-share index rebounded 0,08% to close at 112,86 points helped by gains in investors’ favourites — British American Tobacco Zimbabwe and PPC. PPC went up by US$0,0464 to close at US$1,19. Zimplow also rose by US$0,0175 to close at US$0,19 while CBZ Holdings gained US$0,0100 to settle at US$0,12.

On Wednesday, stocks gave up Tuesday’s gains, down 0,03%. The mainstream all-share index fell 0,02% to close at 112,84 points. Only two counters — Seed Co and Old Mutual — lost ground. Seed Co eased US$0,0145 to close at US$2,58 while Old Mutual shed US$0,0015 to close at US$5,20.

CBZ Holdings put on US$0,0025 to US$0,1225 while GetBucks gained US$0,0001 to trade at US$0,0331. Ten counters traded at previous price levels.

Stocks have been surging owing to inflation fears in the economy stemming from currency uncertainties after the introduction of bond notes and the continued issuance and creation of electronic balances by the central bank.

This has spawned an arbitrage rate for the US, the currency adopted after hyperinflation eroded value of the Zimbabwe dollar.

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