They said the market ended the week on a disappointing note, with trades worth a mere $294,459.38 being traded on Friday. The Industrial Index stood at 131.55 points on Friday 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 on Thursday. "The market rode on very thin volumes," stockbroking firm Imara Edwards Securities (Private) Limited (Imara), said in their Weekly Report.
"The Industrial Index shed 0.93 points to trade 0,7 percent lower while the Mining Index reversed its recent bullish trend by closing the day flat. No trades were recorded in the Mining Index as all the stocks were bid and offered at their previous quotes."
Imara said Industrials to weigh down the index were AICO Africa Limited (AICO) ( which retreated 0,50 cents, telecommunications giant Econet Wireless Zimbabwe Limited (Econet) at 7,50 cents and Fidelity Insurance Limited (Fidelity) which went down by 0,90 cents.
Other counters that did not do too well on the bourse were wealthy Meikles Africa limited (MAL) down 0,50 cents, Pretoria Portland cement (PPC) also down 22 cents last week.
"The dry spell is likely to be witnessed for some time to come," Imara said. On Thursday, last week turnover stood at $611,069.60 down from 793,905.95, on Friday last week.
In their Report Imara said the Industrial Index had stood at 132.48 points, down from 133.11 points on Wednesday.
The Mining Index, on the hand, stood at 90.90 points up from 87.72 points on that day. "The turnover for the day came in at $611,069.60," Imara said. "There was not much activity as most of the counters thrived on very thin volumes."
The Mining Index also jumped 1,59 percent following Rio Zimbabwe Limited (RioZim) which firmed 2 cents.
Imara said traded volumes had been generally high last week and notably in normal trading activity as opposed to Special Bargain trades.
"This has coincided with price increases in the small to medium size stock category and is a welcome development," Imara said.
Post published in: Business