Equities slide further as thin trades persist

The lackluster performance of the equities on the Zimbabwe Stock Exchange extended into the seventh consecutive trading session as the two indices continue to sink into the abyss despite glaring buying opportunities presented by the current price levels.

The Industrial Index lost a further -2,03 percent to 147.57 points on losses across the board as losers outnumbered gainers by 18 to three.

Trading was much thinner with volumes traded shrinking to 5,6 million shares from yesterday’s 17,8 million while turnover declined to just above the $500 000 mark at $569 451 from $898 334 as the number of active counters declined to 39 from 50 yesterday.

Foreign trades remain depressed at $125 393 and $10 748 buy and sale, respectively.

Heavy cap counters weighed heavily on the equities market as Econet Wireless Zimbabwe Holdings Limited hit a new 52-week low of 368c on selling pressure that saw the telecommunications giant knock of 12c, ABC Financial Holdings Limited eased -6,25 percent to 75c, SeedCo Limited lost -1,67 percent to 118c while the duo of Delta Corporation Limited and Meikles Africa Limited slipped -2c apiece to 68c and 23c, respectively.

Dually listed stocks Pretoria Portland Cement and Old Mutual Limited took a cue from falling international prices easing -3,45 percent and -5,04 percent to trade on the local market at 280c and 132c, respectively.

ZimRe Property Investments Limited, Tobacco Sales Limited and Falcon Gold Zimbabwe Limited were the only counters to trade in the positive.

ZPI added +8,3 percent to 1,3c while TSL put on +6,25 percent to 8,50c

Losses in Hwange Colliery Company Limited and Rio Zimbabwe Limited saw the resources sector slip deeper into negative easing -1,47 percent to touch a 52-week low 138.04 points as the Year-To-Date loss widened to -31,12 percent.

Major coal miner, Hwange eased -1,70 percent to 53c, RioZim lost -3,33 percent to 58c while Falgold added +4,17 percent to 7,50c.

Post published in: Business

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