In a call witnessed on 27 stocks recording trades, Econet Wireless Zimbabwe Holdings Limited remained the market’s favourite as an estimated 52 percent ($307 654) of the value traded was attributed to the telecommunications giant.
The ZSE's Industrial Index dropped -0,32 percent to 144.69 points as selected market heavyweights lost ground in the week opening call.
Leading the market losses was investment holding company TA Holdings Limited down 21,05 percent at 15c on the back of fading demand in the group.
Clothing retain group Edgars Limited followed retreating -11 percent to 8c.
Financial services stocks Barclays Bank Zimbabwe Limited and CBZ Financial Holdings Limited also weighed on the market dropping -6,25 percent and -4,55 percent to close the call-over session at 4,5c and 10,5c.
Barclays has been under fire from investors for its highly conservative business model that has seen them report some of the lowest interest incomes relative to the size of their deposit book while compliance with indigenisation regulations has seems likely to remain thorny for the group.
The other stocks to trade in the negative included dairy products manufacture Dairibord Zimbabwe Holdings Limited that came off -4,76 percent to 18c; regional tourism group African Sun Limited saw their price take a -2,5 percent knock to 0.78c for the first time since the release of their disappointing but expected set of September finals.
The Group has now shifted focus to profitable Zimbabwe operations after disappointing regional operation saw the closure of operations in South Africa and the mutual termination of Holiday Inn Gaborone.
Mitigating the losses were gains Food and Manufacturing Consumer Group conglomerate Innscor Corporation Limited that was up +0,68 percent at 56,5c while cemet manufacturers Pretoria Portland Cement weighed in with a +3 percent rise to 206c.
Financial services group Trust Financial Holdings Limited, led the market gains after seeing a 20 percent rise in its price to 1.,2c as Life assurers Fidelity Life Limited consolidated their Year-To-Date top performance position with a +3,57 percent rise to 14.,5c which implies YTD gains of 559,09 percent for the life assurer.
The ZSE's Mining Index, on the other hand, closed the day -4.,97 percent lower at 107,89 percent despite none of the stocks recording any trades with its major undoing being coal miners Hwange that closed offered at 40c with buyers only available at 35c against its last traded price of 44c.
RioZim Limited closed cid at 40c with offers at 45c ahead of the make or break Extraordinary General Meeting (EGM) for the group. At the AGM shareholders will decide on the group’s planned recapitalisation plan involving a debt to equity swap and a Rights issue.
Post published in: Business