Industrial Index slows down

zimbabwe_stockexchangeHARARE - The Industrial Index came off early this week by 0.31 points, according to figures released by the Zimbabwe Stock Exchange (ZSE).

The bourse said this was a 0.19 per cent reduction resulting in the Industrial Index ending the week at 160.86 points.

A stock market analyst told The Zimbabwean that seed producer Seed Co Limited (SeedCo) nose-dived by two cents to US$1.23 cents and powerhouse Econet Wireless Holdings Limited (Econet) and the cash-rich Meikles Africa Limited (MAL) slipped by a cent each to close at 500 cents and 49 cents, respectively.

Econet recently told Zimbabweans that it had an impressive subscriber base of five million making it the largest cellular phone network in the country today.

Meikles, on the other hand, is slowly recovering from the negative publicity that it received last year when its rocky marriage with Kingdom Financial Holdings Limited (KFHL) ended in a nasty divorce.

The stock market analyst said counters that had done well during the early part of the week were Astra Holdings Limited (Astra), Padenga Limited, and tobacco processor Tobacco Sales Limited (TSL).

Movers included cement producer, Pretoria Portland Cement (PPC) by two cents and South African-based Old Mutual Limited (Old Mutual) and CFI Holdings Limited (CFI) which shot up by 0.60 cents to close at 14.60 cents.

“This left the week on week Industrial Index to lose 0.80 points which was about a 0.49 percent knock,” he said.

The stock market analyst said the Mining Index was flat at 224.40 points as Bindura Nickel Corporation (Bindura), Falcon Gold Limited (Falgold), Hwange Colliery Company Limited (HCCL), and Rio Zim Limited traded mainly unchanged. The Mining Index however gained 7.58 points which was about 3.50 percent compared to the week ending January 28, 2011.

Once regarded as the best performing bourse in the region, the ZSE is slowly regaining its clout due to the introduction of the United States greenback by the Governor of the Reserve Bank of Zimbabwe (RBZ), Dr Gideon Gono.

Post published in: Manufacturing

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