Market falls ahead of the National Budget

The Zimbabwe Stock Exchange (ZSE) opened the week low dominated by losses as 14 counters traded in the negative against just four risers.

The Industrial Index eased -0,09 percent to 143.53 points while the Mining Index slipped -0,49 percent to 119.05 points ahead of 2012 National Budget which was due for presentation today.

However, the event has been postponed because President Robert Mugabe is away in China on a State visit.

Weighing down on the mainstream index was beverages group, Delta Corporation Limited which eased -1,09 percent or 0,79c to 72c; Dairibord Holdings Zimbabwe Limited lost -5 percent or 1c to 19c while Old Mutual Limited was-0,41 percent lower at 120c.

Agro concern AICO Limited which has been on negative trend since its interim results presentation last week hit a 52-week low of 17c on thin trades, with a 20day VWAP of 20,15c and closed buyers at 16,50c.

Brick-maker, Willdale Limited was the worst performing counter of the day easing -22,2 percent to touch a 52-week low price of 0,14c as financial services group Interfin Financial Holdings Limited lost 20 percent to trade at a historical low price of 8c and is now 60 percent in the negative Year-To-Date.

Clothing retailer, Truworths Limited, which is set to benefit from bonuses this month, was the day’s favorite adding +17,86 percent to 8,25c.

Hippo Valley Estates Limited put on a further +5,71 percent to 111c still responding favourably to a good set of interims and is one of the few counters whose prices adjusted favourably to results having gained +39 percent in just four trading session following the release of their interims last week.

The wealthy Meikles Africa Limited Group put on +5 percent to 21c on reports the group has initiated moves to comply with indigenisation laws after ceding 20 percent to employees through the Employee Share Ownership Trust (ESOT) launched last Friday.

Retail giant OK Zimbabwe Limited was mainly unchanged at 9,5c ahead of interims on Wednesday.

Econet Wireless Holdings Zimbabwe Limited also closed unchanged at 375c while Innscor Corporation Limited managed to hang on at 55c despite selling pressure.

Trading volumes remained fairly modest rising to 9,2 million from 5,5 million while value of trades was 15 percent lower at $904 569.

Foreign participation was decent and net inflows with purchases worth $439 402 from 1,2 million shares against sales of $192 299 from 190 647 shares.

There were thin trades in the resources sector with Bindura Nickel Corporation Limited, the only counter to record a trade albeit a small one.

The nickel producer eased -8 percent to 4,6c pulling the ZSE's Mining Index -0,59 percent lower to 119.05 points.

Post published in: Business

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