dex might be charting out a pennant and this could imply that the market might experience a top failure swing at about 19 million and drop to about 17 million points.
The actual trading seems to lack direction within a reasonable confidence interval. As the Budget day approaches (1 December), a number of investors could develop cold feet and develop a wait and see attitude.
The advances recorded in the week were mainly a result of recovery in share prices following the dip experienced while the declines were a delayed effect of the prior weeks dip on the rest of the market.
Leading the advances this week was TURNALL, which was the top decline in the previous week. The stock gained 107% from $700 to $1450.
The news of South Africa banning the use of Asbestos could have triggered the collapse but however it became an over-reaction leading to the stock breaking through its support level.
MASH responded well to the year-end results announced at midweek as it put on a significant 106% to close the week at $1300. A few weeks ago the stock reached $1500 and seems to remain keen on crossing that level. ZIMRE gained 105% to $450 while CBZH advanced 100% to $4800.
ASTRA gained 59% to $2700 while clothing retail counter TRUWORTHS recovered 56% from the trashing it had undergone in the previous week and closed at $2800. The stock still has upside potential to advance to levels of around $4000. BARCLAYS gained 54% to $2000 while FML and OK each put on 50% to close at $900 each. COTTCO continued to respond positively to the results that were announced two weeks back and gained 43% to $5000.
Other counters that announced their result and subsequently gained include ART, CFI and DAWN. The downward movements in the week were led by de-listing bound RADAR, which shed 40% to $600.
The shareholders have since approved the takeover by FZI and all that remains is the de-listing. M&R, which has become highly volatile in recent weeks retreated 33% to $3000. ZIMPLOW retreated 33% to $1000 making the stock oversold on the RSI. Other counters that recorded declines included NICOZ, FBCH and TPH. DELTA eased 3% to close the week at $29000.
Minings were mixed with gains recorded in BINDURA and HALOGEN while RIO and HWANGE traded unchanged and FALGOLD declined to $400.
Post published in: Economy