Stocks back in negative territory on Simbisa, Innscor

Published: 22 April 2020
The stock market made a marginal swing back to negative territory weighed down by losses in Simbisa and Innscor although the market breadth was positive, as stocks remain a safe haven in this crisis period. This comes as the Government appears to be lacking a coherent economic policy to adopt to wade off the Covid-19 pandemic preferring instead to go back to populist policies of price controls and overall managing the outbreak through a lot of what can best be described as photo opportunities.
With nothing to steer the market strongly in either direction, the All Share Index was near flat, losing 0.04% to 427.15. Turnover was down to $13.96 million with major contributions coming from heavyweight counters Old Mutual, Delta, Simbisa and Innscor.  OK Zimbabwe was the most active with 15 trades but it was Old Mutual, which led on value at $3.58 million. Zimplow led on volume at 1 million shares from a 3.98 million shares total. There were no foreign buyers but sellers sold out of Delta ($2.35 million) and Simbisa ($1.57 million).
On the performance table, Simbisa was the worst performer after losing 6.66% to 280.02c in the wake of its recent lukewarm interims. The company lost $180m from $1.68bn to $1.5bn overnight to close with 2.56% of total market capitalization from 2.76% yesterday.  Innscor dropped 0.81% to 720.12c to see the All Share Index close with a 0.17% loss to 395.02. The Top 10 is the worst performing index with a year to date gain if 93.96%.  The losses were however cushioned by gains in Old Mutual which was up 2.38% to 4300.01c as well as telecoms giant Econet which added 2.8% to 316.76c. Crocodile farmer and skin exporter Padenga also gained a marginal 0.83% to 556.50c.
The Medium Cap Index was 0.15% higher at 655.38, on the back of gains in Hippo which was up 0.20% to 507.00c fending off marginal losses in Axia of 0.01% to 205.00 and Zimplow, which pared 0.25% to 100.25c.

Willdale gains of 20.10% to 4.84c and Bindura which was up 6.25% to 34.00c made sure the Small Cap Index closed 0.98% firmer at 1 341.32.
- finx
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