ZSE report

HARARE, January 6, 2012 - LOSSES characterized the equities market on the Zimbabwe Stock Exchange (ZSE) for the third consecutive day on lack of buying impetus in a market with selling pressure.

The Industrial Index is already -3,99 percent down since year-opening after losing -2,12 percent to 140.04 points while the Mining Index lost 19,70 percent to 81 points is -19,56 percent down within three days of trading.

The fate of the equities market for 2012 hangs precarious on political developments the major issues of which are the uncertainty concerning timeframes for holdings of elections and the implementation of empowerment laws.

Nineteen counters trekked southwards led by loss making Art Corporation Limited which eased -30 percent to 0,35 percent while CBZ Financial Holdings Limited finally settled at 10c easing -28,57 percent after two days of selling pressure with no firm buyers.

Regional banking group, ABC Financial Holdings Limited was -11,1 percent lower at 80c on thin volumes while heavy weights Delta Corporation Limited and Innscor Corporation Limited slipped -0,73 percent and -0.,44 percent to 79,49c and 54,01c, respectively.

FBC Banking Corporation Limited was offered 5,8c while Barclays Bank of Zimbabwe Limited and Meikles Africa limited hit all-time lows of 4,1c and 15c ,respectively ,after losing -4,65 percent and 6,25 percent respectively. Econet Wireless Zimbabwe Holdings Limited, SeedCo Limited and Pretoria Portland Cement were the only heavy cap counters to trade at steady levels.

Volumes traded doubled to 13,9 million shares from 6,2 million while turnover improved to $636 122 from $244 230.

Local players dominated trading accounting for 95 percent of trades with foreign inflows and outflows amounting to $22 606 and $22 112, respectively.

Coal miner Hwange Colliery Comapny Limited reversed its year-end gains sliding -25 percent to 30c on thin trades while other mining stocks were unchanged.

Post published in: Business

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