Dry spell continues on ZSE

Published: 22 November 2013

The dry spell on the stock market continued this week with heavy weight counters recording lower trades, which is a reflection of the persistent low economic activity levels within the economy which are really worrisome.

The stock market also saw Trust Holdings Limited voluntarily delisting on grounds of protecting their shareholders from prejudice in view of the fact that its banking subsidiary is working on its recapitalisation.

The week saw the industrial index opening in the black after adding 1.04 points on Monday to close at 217.27 points after gains in Delta and other listed companies.

Turnover was at $1,1 million as Delta grossed $0,4 million. On Tuesday the index shed 0.09 points after losses in Innscor and other middle tier companies.

The index recovered on Wednesday putting on 0.35 points to close at 217.53 after gains in FBC and Econet.

Yesterday the index closed lower at 0.05 points as OK recorded flat earnings owing to the dwindling consumer demand in the wake of slowing economic activity.

Taking a sectorial approach to the week, the agriculture and food industries saw gains in Natfoods, Aico Africa, Seedco, Mash and Padenga which rose by 2 percent, 10 percent, 1 percent, 3 percent and I percent respectively.

There were also losses in Star Africa, DZLH and Inter Fresh dropping by 7 percent, 1 percent and 66 percent respectively.

The banking and insurance sectors saw gains from Barclays, FBC and Old mutual gaining 0,01 percent, 7 percent and 1 percent respectively.

The sectors saw a drop from Fidelity which lowered its price by 9 percent. Other traders in the sector such as CBZ and Nicoz Diamond remained stable.

The retail sector saw Truworths opening the week positive by gaining 2 percent to trade at US148 cents however OK Zimbabwe rallied down for the sector reducing its price by 2 percent to trade at US24,5 cents In the property and building materials sectors PPC shed 0,79 percent while Lafarge and ZIMRE were each 1 percent lower.

African Sun shed 3,75 percent to trade at US2,60 cents. Heavy weight traders Econet and Delta recorded marginal gains over the course of the week, with gains of 1,44 percent and 0,01 percent respectively.

The mining index yesterday advanced 0.39 points to close at 47.41 points.

RIOZIM added a cent to trade at 33 cents while Bindura, Falgold and Hwange were unchanged at previous trading levels.
- bh24

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