stocks continued on a downward spiral as profit taking took its toll especially on the market’s big cap counters.
In the week to Wednesday, three of the benchmark indices closed in the negative.
During the week under review, ZSE also announced it is set to adopt a new set of indices under Global Industry Classification Standard effective January 1, 2020.
The indices will help reclassify listed counters into peers, with seven classifications namely Financials, Consumer Discretionary, Consumer Staples, Materials, Industrials and Real Estate, this compares to a present 4 indices.
During the week, the primary indicator, the ZSE All Share Index eased 1,05 percent to close pegged at 240 points while the ZSE Top 10 Index fell the hardest with a 2,55 percent decline to 215,89 points.
At 800 points, the Industrials Index backtracked 1,10 percent from prior week level of 809 points. On the resources side, the Mining Index was the only counter to close the week in the positive with a 1,56 percent gain to 338,71 points.
Total market value went down 1,21 percent to $31,19 billion from $31,5 billion in the previous week.
Clothing retailer, Truworths was the biggest casualty for the week with a 19 percent decline to 2,26 percent followed by Simbisa which eased 11 percent to $1,21.
Agriculture concern, Ariston backtracked 8 percent to settle at 20,9 cents. The duo of FML and Star Africa gave up 7 percent each to close at 24 cents and 3,7 cents respectively.
Biggest stock by market value, Delta also fell 7 percent to $3,69 while telecoms giant Econet was 4 percent lower to $1,62.
Nickel producer, Bindura was also on the downside with a 5 percent decline to 15 cents.
Regional seed producer, Seed Co International lost a marginal 0,63 percent to $2,78 after the company reported loss widened to US$2,5 million for the half year period to September 30, 2019, from US$1,5 million on the back of the decrease in exchange gains and increased finance costs.
Further losses were offset by gains in property firm, ZPI which put on 47 percent to 6,5 cents while Afdis rose 36 percent to $3.
At 14 cents, hospitality group, RTG was 21 percent above prior week’s 11,5 cents.
The duo of Masimba and Willdale each increased 20 percent to settle at 18,6 cents and 2,88 cents in that order.
Other gains were recorded in ZHL that put on 15 percent to 11,5 cents while Dairibord was 4 percent firmer to 50 cents.
Hospitality group, Meikles inched up 3 percent to $2,14. The group ongoing transaction to dispose of Meikles Hotel for US$20 million to ASB Hospitality — a Zimbabwean investment vehicle owned by a Dubai-based company Albwardy — is inching closer to completion.
Meikles Hospitality is selling the facility due to its inability to raise US$30 million needed to upgrade the hotel to a five-star hotel.
On the resources side, diversified mining firm, RioZim put on 5,7 percent to $2,75. Peers, Falgold remained unchanged at 3 cents.
The gold is in a recapitalisation drive following losses and costs incurred in the half-year period and the need to bring Golden Quarry Mine into operation.
Also remaining unchanged, was Edgars which closed at 13,46 cents after reporting a 154 percent jump in year-to-date turnover to September 2019 irrespective of the widely lamented diminishing consumer purchasing power that affected the performance of unit sales.
National Tyre Services Limited also closed unchanged at 2,15 cents. The company has opened a new fitment centre in Msasa industrial site as it expands its distribution network.
Other counters that maintained prior week levels were Powerspeed, TSL and Zimpapers that closed at 29 cents, 90 cents and 11,2 cents.