The Zimbabwe Stock Exchange bull run seems to be losing momentum, with the mainstream industrial index slumping for three consecutive days during the week amid signals of waning interest in top tier stocks.
Blue chips have so far headlined the market's upward trajectory since November last year, with the top four companies by market capitalisation gaining an average of about 400 percent since mid November last year. The four, Delta, Econet, Innscor and Seed Co account for about half of the market's total capitalisation, which closed the week 0,34 percent higher at $14,65 billion.
For the past few weeks, gains among these counters have been showing signs of slowing down and this trend became more apparent this week.
The industrial index shed 0,12 percent week-on-week since Thursday last week to close yesterday at 515,32 points following weekly losses in some heavy weights. OK Zimbabwe lost 19,8 percent week-on-week to close at $0,2005. Innscor shed 2,96 percent to settle at $1,73. Econet lost 1,17 percent to settle at $1,79 while quick service restaurants group, Simbisa Brands, lost 0,21 percent to close at $0,68.
Seed Co, however, gained 6,8 percent this week to close at $3,1, while Delta added a marginal 0,01 percent to trade at $3,06.
Meanwhile, interest seems to have shifted to mid tier stocks with Meikles leading the gainers this week with a 25,71 percent increase to close at $0,44. African Sun put on 19,51 percent to trade at $0,049 and First Mutual Properties was 10,71 percent stronger at $0,062.
The mining index added 2,7 percent this week to close at 136,72 points as RioZim and Bindura Nickel Corporation gained 3,85 percent and 0,56 percent, respectively, week-on-week to trade at $1,145 and $0,0536. Falcon Gold and Hwange Colliery remained unchanged at $0,0201 and $0,0374 respectively.