Zimbabwe Stock Exchange falls 4 percent in February as market self corrects

The Zimbabwe Stock Exchange All Share Index lost 3.6 percent in February to close at 88.03 points as stock prices continue to self correct.

The local bourse has been correcting itself since November last year following a year-long bull run. Analysts say the correction is necessary as prices begin to align to fundamentals and is expected to continue into the month of March at a steady rate.

In February, the Top 10 Index also retreated 3.01 percent to 87.07 points on losses recorded by mainly Delta and Econet.

Market turnover declined by 3.01 percent to close at $8.79 billion while monthly turnover increased by 126 percent to $80.21million, with average trades of $4.22 million realized during the month.

Total volume traded went up 174.9 percent to 138.14 million shares

Delta and Econet eased 4.82 percent and 1.81 percent to close at 158 cents and 68.73 cents respectively.

Innscor gained 14.64 percent to settle at 92 cents.

Leading the gainers were Zimplow and Zimre after gaining 25 percent and 15 percent to trade at 10 cents and 2.99 cents respectively.

Old Mutual and Afdis also advanced 2.08 percent and 2.07 percent to close at 531 cents 43.75 and cents respectively.

On the shakers side, Ariston and African Sun lost 21.38 percent and 19.78 percent to settle at 1.14 cents and 3.61 cents respectively, while Art and NicozDiamond shedded 19.64 percent and 19.48 percent to settle at 4.5 cents and 3.1 cents respectively..

The Mining Index dropped 4.22 percent to 124.91 points on the back of a 17.50 percent loss in Bindura which closed at 3.3 cents. – The Source

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