The ZSE's main stream Industrial Index closed the week down by a cumulative -0,24 percent at 160,04c.
Econet, the country's telecommunications giant sank to new lows of 379c by close of call on Friday as sellers jostled to dispose their holdings to the limited buyers.
Cumulatively, Econet was down 35,9c or 8,65 percent week on week while the Year-To-Date (YTD) loss for the Group is now at 16,14 percent.
Turnall Holdings Limited dropped 12,5 percent in the wake of their below expectation interim results that were whose out-turn was affected by huge interest bills and higher costs of labour following a cost of living salary adjustment; and with its YTD return narrowed to 79,10 percent and closed trading at 10,5c.
Fellow market top performer Tractive Power Limited (Tractive) were down 14,29 percent at 12c as the Reserve Bank of Zimbabwe (RBZ) continues to keep the market guessing on the takers of their controlling stake which they put to tender a couple of months ago.
Property group Mashanaland Holdings Limited (Mash) dropped -15,52 percent at 2,45c by end of the week while the worst performer was pharmaceutical group CAPS Holdings Limited (CAPS) that closed the week 23 percent softer at 0,2c ahead of the delisting of the group from the market.
The hyperactive corporate calendar littered with various results releases that were somewhat much better than the previous on the back of improving operating and economic environment failed to carry the day as the market’s cheer to some of the results was not enough to circumvent all round losses.
A solid full year financial performance from Food and Manufacturing Consumer Group (FMCG) conglomerate Innscor Corporation Limited that saw them post 4,82c EPS and sealed it with final dividend of 0,6c to bring the full year total dividend to 1,2c was well received by the market as the market giant firmed+10,27 percent to trade at 52-week high of 70,02c.
Innscor subsidiaries National Foods Limited (Natfoods) and Colcom Holdings Limited’s results failed to raise the market’s excitement with Natfoods closing down -0,11 percent at 93c while Colcom was stable at 43c.
Both companies posted some solid full year financials to June 30, 2011, with Colcom declaring a final dividend of 0,54c per share while Natfoods declared a final dividend of 0,85c per share.
Furniture retail and financial services group TN Financial Holdings Limited (TN) saw their light shine brighter this week as they top performed for the second week running after a 55 percent surge saw them close the week trading at 3,86c, while the counter even managed to hit a high of 4,6c over the week prompting a widespread sell off as punters took profits and resultantly TN closed offered at 3,89c as a significant scrip over hang appeared for the first time since the results came out with no bid in sight
Mining stocks reeling under the might of the indigenisation and empowerment regulations took a battering this week led by Rio Zimbabwe Limited (RioZim) that shed -5,56 percent to close at 85c and while Bindura Nickel Corporation Limited (Bindura) that has been perennially under care and maintenance came off 16,7 percent to 5c to drive the ZSE's Mining Index down 1,42 percent to 155.66 points.
Post published in: Business