ZSE self-correction continues after Mugabe’s fall from grace

The Zimbabwe Stock Exchange’s self-correction continued on Wednesday, with the main industrial index shedding 5,07 percent to 329,63 points.

However, the mining index remained flat at 129,82 points.

Market capitalisation stood at $9,4 billion while market turnover amounted to $12,4 million in the day.

The local bourse has so far lost $5,7 billion since Wednesday, a day after the military took over the country, triggering events that led to President Robert Mugabe’s resignation on Tuesday evening.

Former vice president Emmerson Mnangagwa has since been named his replacement, and will be sworn in on Friday, according to the Speaker of Parliament, Jacob Mudenda.

Mnangagwa arrived back in the country on Wednesday, two days ahead of his inauguration.

Beverage maker, Delta eased 4,2 percent in the day to trade at 125,86 cents while Econet dropped 0,57 percent to trade at 86,02 cents.

Innscor and National Foods were also among the losers, shedding 7,1 percent and 4,1 percent to trade at 130 cents and 700 cents respectively.

OK Zimbabwe and Seedco fell 19,09 percent and 4,58 percent to trade at 20 cents and 167,16 cents in that order.

PPC and Old Mutual eased 19,97 percent to settle at 176 cents and 593 cents respectively.

Simbisa and Zimplow also eased 19,93 percent and 19,9 percent to settle at 54,25 cents and 6,52 cents respectively.

Padenga eased 19,75 percent to trade at 65 cents.

Barclays was the only gainer in the day, picking up 0,36 percent to settle at 5,64 cents.

Foreigners were net sellers in the day, disposing of shares worth $4,05 million compared to buys worth $2,2 million.