Zimbabwe Stock Exchange monthly turnover down 38 percent

The Zimbabwe Stock Exchange market capitalisation was largely static in August but turnover dropped by over a third as foreign investors sold off local holdings.

Overall market capitalisation marginally grew in August to $2.86 billion from $2.85 billion in July.

Monthly turnover dipped 38 percent to $7.07 million.

The industrial index edged up 0.42 points to close at 99.26 due to gains in a few heavyweights.

Among the top movers were Barclays, Padenga and Old Mutual adding 20 percent, 11.70 percent and 11.19 percent, respectively.

Significant losses were recorded in National Tyre Services, African Sun and Willdale, shedding 29.41 percent, 19.33 percent and 11.76 percent in that order.

The mining index gained 2.33 points to 26.32 points although Bindura Nickel Corporation recorded a significant 9.09 percent loss in the period.

Total volumes traded fell 26.99 percent to 41.26 million shares.- The Source

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