Shares in marginal recovery, values traded decline to lows

SHARES on the Zimbabwe Stock Exchange (ZSE) closed mid week trades little changed in mixed trades in a relatively thin trading session.

The Industrial Index put on marginal +0,09 percent to 143.73 points while the Mining Index was +0,01 percent firmer at 136.69 points as value traded slumped below the $500 000 mark at $464 290 from 8,8 million shares.

Foreign investors were net sellers with sales amounting to $215 358 against purchases of $123 656.

Local institutional players have taken a back seat as they count losses following the prolonged decline in equities that saw the Industrial Index recording a second consecutive quarterly loss while the Mining Index clocked three consecutive quarterly losses.

Foreign trades have also become sporadic rising significantly only when there are back-to-back foreign trades.

In trades losses in SeedCo Limited (-2,54 percent), Murray & Roberts Zimbabwe Limited (M&R) (-3,85 percent) and Barclays Bank Zimbabwe Limited (-8,33 percent) were mitigated by gains in Delta Corporation Limited and CBZ Financial Holdings Limited which put on +2,16 percent and +5,99 percent to 71c and 12,2c, respectively.

Delta is in recovery mode ahead of its interims due on November 9 amid expectations of 30 percent growth in volumes.

National Foods Limited added +2,41 percent to 85c while the identity of the foreign investor who bought a 11,7 percent stake last week remains a mystery.

A marginal recovery in Rio Zimbabwe Limited (+0,01 percent) to 50c saw the ZSE's Mining Index close at 136.69 points while Hwange Colliry Company Limited traded mainly unchanged at 51c.

Post published in: Business

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