ZSE's Industirial Index comes off while Mining closes higher

THE Industrial Index of the Zimbabwe Stock Exchange (ZSE) came of by 0.57 points to close at 166.14 points for the period under review.

Stockbrokers said this represented a 0,34 percentage change for the period.

Major cement producer Lafarge (Zimbabwe) Limited plunged 25c to 70c while telecommunications giant Econet Wireless Zimbabwe Limited (Econet) dropped 9c to settle at 478c.

Counters that shot up included financial concern First Banking Corporation Holdings Limited (FBCH) which went up by 0,15c to close at 5,2c, Zimplow Limited (Zimplow) up by 0,1c, to close the day at 8,1c, Mashonaland Holdings Limited (Mash) by 0,09c to 2,4c, and cheque book manufacturer Celsys Limited also up by 0,01c to close at 0,1c.

Counters that did not do too well for the period under review included major food concern Innscor Corporation Limited (Innscor) down by 3c to end the day at 63c, the wealthy Meikles Africa Limited (MAL) by 1,5c to close at 38c, coal producer Whange Colliery Company Limited (WCCL) by 1c to 62c, and mining entity Bindura Nickel Corporation Limited (Bindura) down by 1c to end the day at 7c.

The ZSE's Mining Index, on the other hand, closed much higher at 190.19 points after a 0.45 points rise.

This represented a percentage change of 0,24 for the day.

A counter such as Falcon Gold Limited (Falgold) pushed the Index up by 0,50c to close at 4c.

Mining firm Bindura Nickel Corporation Limited (Bindura) was mainly unchanged at 8c, while coal entity WCCL fell 0,11c to end the day at 63c, while Rio Zimbabwe Limited (RioZim) stood mainly unchanged at 145c.

The African Development Bank (AfDB) in its latest Zimbabwe Monthly Economic Review for June, said Zimbabwe's mining industry had emerged as the "anchor of the country's economic recovery process".

"Favourable international commodity prices for gold, nickel, platinum and copper, among others, have improved the viability of mining concerns and resulted in the rejuvenation of operations, particularly in the platinum and gold sub-sectors," the Monthly Economic Report released in Harare, said.

Against this background, mineral output gave substantial growth impetus to the Zimbabwean economy.

"The growth momentum in 2010 was underpinned by a 47 percent growth in the mining sector, and 34 percent growth in the agricultural sector."

The AfDB said the mining sector benefited from favourable international commodity prices, while agricultural production was spured by increased tobacco (38,4 percent), maize (12,6 percent), sugar (14,3 percent), and cotton (2,3 percent) production.

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