Industrials take a knock early in the week in sluggish trades

THe equities market on the Zimbabwe Stock exchange (ZSE) opened the week in sluggish trades as volumes thinned across the board while the resources sector saw no trades at all.

Volumes traded declined to 6 million from 6,9 million as value traded fell 40 percent to $642 000, with the only notable trades seen in Delta Corporation Limited where 585 218 exchanged hands in trades worth $421 156 (65 percent of total).

Thin trades were seen in most heavy caps, Innscor Corporation Limited (3202 shares), SeedCo Limited (2603) Pretoria Portland Cement (PPC) (37), AICO Limited (4943) while Hippo Valley Esattes Limited and Meikles Affrica Limited recorded no trades.

The Industrial Index traded -0,17 percent softer at 143.75 points weighed down by lower offers in Meikles and Hippo which were offered at 23c and 109c, -1c lower than their previous trading prices.

Six counters traded in the negative led by banking group, Interfin Financial Holdings Limited, which eased a further -1c or -20 percent, to an all-time low of 4c and is now -80 percent down since January.

ART Limited slipped -20 percent to 0,4c, Medtech Holdings Limited was -14,29 percent lower to 0,12c while Zimplow Limited and Tobacco Associates Limited (TA) eased -1c apiece to 7c and 19c, respectively.

NMB Financial Holdings Limited lost -7,69 percent to 1,2c on a sizeable volume of 4 million shares.

Property group, Mashonalnad Holdings Limited (Mash) continued on a recovery path spurred by September finals released week as the group put on +3,85 percent to 2,70c.

The duo of clothing retail stocks Edgars Limited and Truworths Limited traded firmer putting on +2,50 percent and +2,41 percent to 8,6c and 8,5c as festive season shopping goes into overdrive buoyed by bonuses that are beginning to trickle in.

The ZSE's Mining Index was unchanged at 118.06 points with no single share exchanging hands.

Rio Zimbabwe Limited was buyers at 40c and offered at 50c ahead of crucial Extraordinary General Meeting (EGM) next week to approve recapitalisation of the group through Rights Issue and debt-to-equity swap.

Coal miner Hwange Colliery Company Limited (HCCL) was offered at 45c with a distant buyer at 42,50c.

Post published in: Business

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