Equities market still in doldrums at week opening

Persistent falls across the board on the Zimbabwe Stock Exchange saw the market open the week lower with both indices closing the day in the red.

The main stream Industrial Index dropped -068 percent to 156.87 points as loses in 12 stocks weighed against the gains in seven counters.

Volumes traded thinned out falling -46 percent to 8,6 million shares as the liquidity squeeze continues to bite on the local bourse.

Value traded was, however, a much improved $1,7 million owing to local buying interest in heavy cap value stocks Econet Wireless Zimbabwe Holdings Limited, and Old Mutual Limited that were the most liquid stocks for the day after a total of 100 000 shares at 405c, and 301 456 shares at 160c, respectively, went through the market.

Leading the market rout were losses in heavy cap stocks Innscor Corporation Limited, CBZ Financial Holdings Limited, Barclays Bank Zimbabwe Limited and Meikles Africa Limited.

Banking groups CBZ and Barclays dropped 1,4 percent and 0,1 percent to trade at 14c and 7,1c, respectively.

Innscor continued to falter in the aftermath of a post results rally that took them to high’s of 70c in the process igniting selling pressure that has seen the counter buckle -7,8 percent since then, in trades the Food and Manufacturing Consumer Group conglomerate dropped -1,69 percent to 63,9c.

Meikles’ continues to tread on shaky ground as it faltered by a further -3,85 percent to 25c which is its sixth successive loss since hitting a flattering high of 32c.

The major faller for the day, however, was tyre manufactures National Tyre Services Limited that traded -16,67 percent softer at 3c, while farming implements manufacturers Zimplow Limited followed shedding -15,79 percent to 8c.

Mitigating the losses were gains in conglomerate Old Mutual that put on +0,63 percent to 160c and Turnal Holdings Limited that gained 0,83 percent to 11,7c.

Top performing for the day was Art Corporation Limited that put on +12,68 percent to 0,8c with retail groups Pelhams Limited and OK Zimbabwe Limited following having put on +10 percent and 5 percent to 0,55c and 10,5c, respectively.

Losses in coal miners Hwange Colliery Company Limited that dropped -6,67 percent to 56c weighed on the resources index that fell -4,72 percent to 145.65 points.

Bindura Nickel Corporation Limited and Falcon Gold Zimbabwe Limited, however, continued to enjoy a fine run albeit in vain for the index rising 4,76 percent and 2,865 to 4,4c and 7,21c, respectively.

Post published in: Business

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