Total turnover improved 84.11% at $2.1m on 13.6m shares in a trading session dominated by local investors which accounted which accounted for 95% and 89% of all purchases and sales respectively as foreign investors remain on the sideline accounting for just $108,517 of purchases and $243,849 of the sales values.
Excitement was seen in ABC, Fidelity and TPH which hit all-time high prices of 60c, 15c and 16,5c respectively after advancing +16.67%, +7.14%, and +6.45% respectively while trading group ART sank to a 52-week low price of 0.6c losing -33.64% in a desperate trade of 100,000 shares.
Banking group, Barclays which opened the year at 9c, slipped -7.69% in today’s trades to close at 6c widening its year-to-date loss to -33.3%. Price movements were tilted in favour of gainers as seventeen traded firm against nine losers while active counters constituted 53% (42 counters) of the listed counters.
Despite the increased activity, value traded was concentrated with the top 5 counters which accounted for 69% of the total. Milk processor, Dairibord was the favorite counter of the day after 3.3m units of the stock exchanged hands in a trade worth $819,029 (38% of total turnover)
By close of trade the industrial index had registered a year-to-date gain of +10.52% with leading counters being Fidelity with a +581% charge, Cafca 275% and TPH, 175% while Starafrica is the worst performing counter losing -85.71% as it continues to sink into financial woes despite undertaking a successful $20m recapitalization last year.
Poor financial performance among the resources counters coupled with acute undercapitalization and the threat of the indigenization laws have adversely affected the listed mining stocks. The mining index lost -1.02% to close at 171.32pts widening its year to date performance to -14.51%. Rio was the only counter to trade in the negative easing -3.85% to close at a 52 week low price of 125c.
Post published in: Business Analysis