Demand for Falgold stock up, but no trades in Minings

DEMAND for shares in mining entity, Falcon Gold Zimbabwe Limited (Falgold) yesterday persisted despite the fact that there were no trades in the mining sector of the Zimbabwe Stock Exchange (ZSE), stockbrokers have said.

In its Report, Imara Edwards Securities (Private) Limited, said turnover yesterday opened the week below the $1 million mark ay $755,852 and most of the value was in a few counters.

Imara said these counters included Delta Corporation Limited (Delta), Insscor Corporation Limited (Innscor), and Zimplow Limited (Zimplow) where some shares changed hands on Friday.

The Industrial Index was 131.31 points down from 131.55 points on Friday. The Mining Index, on the other hand, stood at 96.44 points down from 90.90 on Friday.

"There were minor losses in AICO Africa Limited (AICO), Cafca Limited, and Old Mutual Limited (Old Mutual) which dragged the Industrial Index 0,18 percent downwards to close at 131.31 points," Imara said.

"Demand for Falgold persisted as the counter was again quoted higher at 30 cents to propel the Industrial Index 6,09 percent upwards to 90.90 points in spite of there being no trades in any listed miners."

On Friday Imara said the market had ended the week on a disappointing note, with trades worth a mere $294,459.38 being traded. The Industrial Index stood at 131.55 points, down from 132.48 points previously.

The Mining Index, on the other hand, on Friday stood at 90.90 points, which was similar to the 90.90 points previously. "The dry spell is likely to be witnessed for some time to come," Imara said.

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