ZSE in sluggish trading on bearish sentiment

Equities on the Zimbabwe Stock Exchange (ZSE) market continue to sing the blues on lack of investor appetite for shares as value traded dropped to $705 303 from 7,6 million shares.

Telecommunications giant, Econet Wireless Zimbabwe Holdings Limited’s August interims failed to excite the market as the counter slipped -1c to 398c on foreign sales dragging the Industrial Index -0,44 percent lower to 154.77 points.

Econet accounted for the bulk of turnover with trades of 109 376 shares worth $435 316 (62 percent of total turnover).

The group reported a 15 percent increase in profit after tax to $74 million and declared an interim dividend of 11,8c (3.7x dividend cover and 2,96 percent dividend yield) which will be paid in four trances each month starting from November).

Eighteen counters traded in the negative against only five gainers with the worst performing counter being Phoenix Holdings Limited which lost -33,33 percent (-1c) to close at 2c.

Old Mutual Limited lost -5,33 percent (-8c) to 142c in sluggish trading while the duo of retail counters Truworths Limited and Edgars Limited lost -5,16 percent and -5,66 percent to 9c and 10c, respectively.

Heavyweights Delta Corporation Limited, Innscor Corporation Limited and SeedCo Limited traded unchanged at yesterday prices.

The Rainbow Tourism Group led the riser putting on an impresive +17,50 percent to 2,35 percent while Interfresh Holdings Limited added +5 percent to 0,21c.

National Tyre Services and Meikles Africa Limited were marginally up adding +0,32 percent and 0,04 percent to 3,11c and 24,82c.

The ZSE's Mining Index closed the day -2,04 percent lower at 144.89 points weighed down by a -3,51 percent loss in Hwange Colliery Company Limited which closed at 55c despite a +10,96 percent gain in Falcon Gold Limited to 8c.

Bindura Nickel Corporation Limited also traded in the negative easing -2,38 percent to 4,51c.

Post published in: Business

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