Financial counters dampen trade on ZSE

TOP financial counters such as ABC Financial Holdings Limited (ABC) and TN Bank Limited (TN) today dampened trade on the Zimbabwe Stock Exchange (ZSE).

In its Report the ZSE said the Industrial Index opened the week lower at 133.10 points after losing 0,34 points which was a 25 percent loss.

It said ABC was down 2 cents to 55 cents, TN Bank Limited lost 1,51 cents to 15,99 cents while Old Mutual Limited (Old Mutual) and Seed Company Limited (SeedCo) dropped 1 cent to trade at 155 cents and 83 cents, respectively.

The ZSE said Lifestyle Holdings Limited (Lifestyle) shed 0,50 cents to 1,10 cents, wealthy Meikles Africa Limited (MAL) and TA Holdings Limited (TA) retreated 0,30 cents to 16,70 cents and 9,70 cents, respectively.

"On the upside, BAT Limited (BAT) gained 10 cents to 300 cents," the ZSE said.

"Lafarge Limited (Lafarge) advanced 4 cents to 55 cents, Astra Holdings Limited (Astra) was up 0,50 cents to 5 cents and Fidelity Life Insurance Limited (Fidelity) rose 0,10 cents to 11,60 cents."

The ZSE said as far as the Mining Index is concerned, it had retreated 1.66 points to close at 103.85 points.

This was a 1,57 percent loss. The ZSE said Hwange Colliery Company Limited (HCCL) slipped 1 cent to trade at 22 cents.

"Binura Nickel Corporation Limited (Bindura), Falcon Gold Zimbabwe Limited (Falgold) and HCCC were mainly unchanged at previous trading levels," the ZSE said in its report.

Last week blue chip counters, Barclays Bank of Zimbabwe Limited (Barclays) and Delta Corporation Limited (Delta) were the shining counters on the ZSE.

Stockbrokers said the two firms were contributing to the daily turnover almost doubling what other counters are currently doing.

Last week the ZSE began on a rather lukewarm note. Stockbroking firm Imara Edwards Securities (Private) Limited (Imara), said in its report that turnover for that day stood $984,879.75.

"A marginal drop from Friday's figure of $1,4 million," Imara said. "Barclays and Delta contributed the chunk of this turnover.

The Industrial Index lost by 0,04 percent to close at 133.47 points, while the Mining Index gained 1,24 percent to close the day at 112.56 points."

It said this was largely due to the fact that Rio Zimbabwe Limited (Rio) had added 3 cents to close at 60 cents.

The Mainstream Index was weighed down by losses in construction firm, Murray & Roberts (Zimbabwe) Limited (M&R) that lost 1 cent to close at 4 cents, OK Zimbabwe Limited (OK) shed 0,01 cent to close at 11,50 cents and Seed Co Limited (SeedCo) went down by 1 cent to close the day at 83 cents.

"A significant drop came from Barclays, Innscor Corporation Limited (Innscor), and Tobacco Sales Limited (TSL)," Imara said in its Report.

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