ZSE surges as Econet releases circular…
ZSE market enhanced in the session as Econet released its delisting circular packaged in the form of a USD$0.1700 cash compensation and scrip of Econet InfraCo shares at the ratio of 1:1, worth USD$0.3300; InfraCo is expected to list on the VFEX following the approval by shareholders. Resultantly, the All-Share Index rose 3.49% to 351.43pts. The Top Ten Index went up 4.63% to 362.36pts while, the Agriculture Index gained 5.43% to 216.65pts. On the contrary, the Mid Cap Index shed 2.68% to 319.34pts. Telecoms giant Econet led the top five gainers of the day on a 16.73% climb to settle at $9.0299 as circuit breaker limits were opened to allow for price discovery. BAT trailed on a 15.00% charge to close at $167.7850 as packaging group Nampak added 14.47% to $0.8700. Following was FMP that advanced 5.59% to $0.8700 as banking group CBZ Holdings rose 0.48% to finish at $12.7375. Partially weighing down the market was Zimre Holdings that sank 14.36% to end pegged at $0.9600. TN Cybertech pared off 11.86% to $0.1064 while, ZSE Holdings dropped 11.83% to $0.7054. First Mutual Holdings eased 5.88% to close at $4.0000 while, sugar refiner Star Africa concluded the top five losers’ list of the day on a 4.88% decline to settle at $0.0342.
First Mutual Properties took centre stage in today’s trading as 21.28m shares worth $18.51m exchanged hands. The trade accounted for 87.01% of the total volume traded and 48.75% of the turnover. Activity aggregates improved in the session as volumes traded soared 1,447.50% to 24.45m shares while, turnover ballooned 461.65% to $37.97m. Notably, Delta and Econet contributed 37.50% and 12.35% of the value outturn respectively. The Tigere REIT fell 0.05% to $1.7000 on 3,024 units.