The week witnessed only $3,3 million worth of trades sailing through the market which represents a lowly daily average of $668 533.10.
Construction and allied industry products manufacturers, Turnall Holdings Limited, was the market’s most liquid stock for the week after yielding $491 421.15 (15 percent of total value traded) from a total of 4 164 586 were traded across the market.
Other counters to witness significant activity were Delta Corporation Limited (12 percent), Dairibord Holdings Zimbabwe Limited (10 percent), Econet Wireless Holdings Zimbabwe Limited (9 percent) and Innscor Corporation Limited (9 percent).
Foreign participation was significantly subdued on both the selling and buying side as participants observed Euro debt developments, inflows, however dominated at $807 145 compared to outflows of $404 318.
Among the market heavyweight trades were mixed with the top gains coming in from beverages giant Delta whose price has hit a steady rising trajectory ahead of the release of the group’s September interim numbers on November 9, 2011.
For the week Delta put on an impressive 7,14 percent to close at 75,21c. SeedCo Limited also in pre-results period firmed +6,36 percent for the week and closed at 117c.
Meikles Africa Limited has also hit the recovery mode putting on +5,78 percent to 23,8c on news the group’s retail business deal with Pick ‘n Pay is now before the Competition and Tariffs Commission for final approval.
Dually listed cement manufacturing giant Pretoria Portland Cement that hit a 52-week low of 210c rebounded +4,76 percent to 220c.
These gains were, however, undone by losses other heavy cap stocks including Barclays Bank Zimbabwe Limited that shed -5,27 percent to 5,21c on news the government is set to release indigenisation thresholds for the sensitive financial services sector by the end of the month.
CBZ Financial Holdings Limited closed the week -6,07 percent softer at 13,15c as the market skepticism on the quantum of the groups loans write off mounts following revelations the group had made advances to the tune of $220 million to the struggling manufacturing and agricultural sectors.
The market gains were, however, led by penny stocks Interfresh Holdings Limited that rallied 92 percent to 0,48c with Gain Bolt Holdings Limited following up 3,36 percent at 0,15c.
Tourism group Rainbow Tourism Group that was in the news reportedly mulling the implementation of their $15 million recapitalisation plan garnered 33,3 percent for the week and closed at 2c.
On the losing side losses were led by financial services group Interfin Financial Holdings Limited that traded 29,08 percent softer at 10c while Astra Holdings Limited and Hunyani Holdings Limited followed after shedding -26.83% and -25 percent to close the week trading at 3c and 4,5c, respectively.
The ZSE's Mining Index’s troubles worsened this week as the year-to-date losses ballooned to 38,87 percent after losing -7 percent for the week to close at 122.51 points.
Leading the market rout was coal mining giant Hwange Colliery Company Limited that fell to a 52 week low of 45,5c having dropped 9 percent for the week, the group that had enjoyed a fine rally early in the year to top 90c on March 11.
Falcon Gold Zimbabwe Limited also weighed on the minings dropping -6,67 percent to 7c.
Post published in: Business