Mining Index loses, while Mining gives up

THE Zimbabwe Stock Exchange (ZSE)'s Industrial Index lost 1.25 points to close at 162.84 points for the week under review.

Stockbrokers said this amounted to a 0,76 percentage change for the period.

Heavyweight counters continued their free-fall as South African-based Old Mutual Limited (Old Mutual) dropped 3c to 157c and beverages monopoly Delta Corporation Limited (Delta) retreated 2,50c to trade at 76,50c.

Delta is most heavily capitalised counter on the bourse today.

Counters that did well for the period to-date were telecommunications giant Econet Wireless Zimbabwe Limited (Econet) up by 7,01c to end at 475,01c, hard liquor producer African Distillers Limited (Afdis) up by 3c to end at 15c, the Schofield family's Radar Holdings Limited (Radar) which went up by 2c to end at 45c, Old Mutual Limited also by1c to close at 158c, and finally food producer Innscor Corporation Limited (Innscor) which also increased by 1c to close at 64c.

Firms that grabbed the wooden spoon for the period included mining entity Rio Zimbabwe Limited (RioZim) currently under Josh Sachikonye which was down by 5,02c, another mining concern, top coal producer Whange Colliery Company Limited (WCCL) down by 3,57c to end at 139,98c, seed producer SeedCo Limited (SeedCo) down by 2,8c to close at 125,1c, milk producer and processor the diversified Dairibord Holdings Zimbabwe Limited (DHZL) down by 1,5c to close at 25,2c and finally, the wealthy Meikles Africa Limited (MAL) nose-diving by 1c to close at 35c.

Meikles has been shedding its share price from a high of about 46c last week when news went round that tycoon and major shareholder John Moxon had replaced businessman Farai Rwodzi at the helm of the cash-rich firm.

The Group intends to launch a commercial bank soon using its US$22,5 million cash deposited with the Reserve Bank of Zimbabwe (RBZ).

The ZSE's Mining Index, on the other hand, gave up 3.88 points to end at 182.87 points in light of a 2c loss in coal producer WCCL at 60c.

Other mining firms such as Bindura Nickel Corporation Limited (Bindura), Falcon Gold Limited (Falgold), and RioZim were steady at 7c, 4c, and 145c, respectively.

Post published in: Business Analysis

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