Econet, Tractive Power get most ZSE funds

THE bulk of the funds on the Zimbabwe Stock Exchange (ZSE) have gone into Econet Wireless Zimbabwe Limited (Econet) and Tractive Power Holdings Limited (TPH), stockbrokers have said.

Leading stockbroking firm Imara Edwards Securities (Private) Limited (Imara) said the market had begun the week on an encouuraging note with turnover of $1,589,985,74.

"The bulk of the funds went into Econet and TPH," Imara said in its Report.

The Industrial Index rallied 0.12 points (0,09 percent) to close at 132.08 points while the Mining Index shed 0.38 points (-0,50 percent) to close at 75.32 points.

The stockbroking firm said this was mainly due to the loss in Bindura Nickel corporation Limited (Bindura) at 0,30 cents.

Ot said ABC Financial Holdings Limited (ABC) pushed up 5 cents to close at 60 cents, while Meikles Africa Limited (MAL) advanced 2,50 cents to 18,50 cents and Old Mutual Holdings Limited was up at 9 cents to close at 166 cents.

The Industrial and Mining Indexes took a dip on Monday ending at 132.08 points and 75.32 points, respectively, according to the Zimbabwe Stock Exchange (ZSE).

The ZSE said this was a 0,09 percent and 0,50 percent decline from Friday's figure, respectively.

Counters that did well on the bourse on Monday included financial services group ABC, Celsys Holdings Limited (Celsys), heavyweight counter, Econet, and Interfresh Holdings Limited (Intefresh).

On the Mining Index, however, Bindura on Monday, traded with 96, 832 shares changing hands ending at 3,50 cents each.

The other mining counters such as Falcon Gold Zimbabwe Limited (Falgold), Hwange Colliery Company Limited (HCCL), and Rio Zimbabwe Limited (RioZim), remained unchanged.

Last Friday, seed house, Seed Company Limited (SeedCO), traded in positive territory.

The ZSE said on that day the Mining Index had fell mainly due to the loss in problematic HCCL), shedding 2c to 29c albeit the gain in Falgold.

The Industrial Index stood at 131.96 points up from 131.20 points previously.

The Mining Index, on the other hand, stood at 76.70 points up from 76.60 points the day before.

"Twenty six counters traded," the ZSE said. "Twelve gained, three lost and 11 counters traded unchanged.

AICO Limited (AICO) lost despite a profitable year-end March 2012, due to lack of clarity in cotton buying and cotton prices in the local industry."

The ZSE said for the six months to June 30, 2012, the Industrial Index lost 9,35 percent closing at 131.96 points.

"Minings lost due to the loss in Hwange," the ZSE said.

"For the half year to June 30, 2012, the resources index lost 24,8 percent to close at 76,70 points," the ZSE said.

Previously trade on the ZSE was subdued but there are a few mid-tier stocks that were performing well.

Stockbrokers said, however, telecommunications giant, Econet and beverages concern, Delta Corporation Limited (Delta) continued to shine on the lack-lustre bourse.

"As we expected, Delta and Econet were the busiest counters on the market accounting for over 90 percent of the day's market turnover of $2,868,031," leading stockbrokers, Imara Edwards Securities (Private) Limited, said.

It said the Industrial index had firmed 0,64 percent in lock-step with CBZ Financial Holdings Limited (CBZ) and Econet which posted strong gains.

The Industrial Index had stood at 131.20 points but was at 130.37 previously.

The Mining Index, on the other hand, stood at 76.60 points up from 76.30 points previously.

"The Mining Index also ticked 0,64 percent in the back on a small gain in Bindura," Imara said.

"It is interesting to note the rising prices of some of the mid-tier stocks such as Astra Holdings Limited (Astra), National Tyre Services Limited (NTS) and Pioneer Holdings Limited (Pioneer) in this generally subdued market," Imara said.

Last week, stockbrokers said high investor risk aversion and competition from fixed income securities continues to stifle trade in equities.

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