ZSE shares weaken further in post-election sell-off

Published: 06 August 2013

Industrials continue to ease with 19 counters trading in the red and only 2 trading in the positive while volumes improved significantly.

The Industrials Index dropped 3.54 points or 1.72% to 202.03 points as gains in OK Zimbabwe (one of the top risers) failed to cancel out losses in Econet and other counters that traded on the downside.

OK Zimbabwe gained 1c or 3.85% to 27c while Delta and Innscor traded unchanged at 120c and 90c respectively. Meanwhile, telecoms giant Econet eased 3c or 5.17% to 55c.

The Minings Index also eased 2.66 points or 4.09% to 62.34 points as Hwange's bid dropped to 14c from 17.5c. Bindura closed 2c sellers amid reports that Mwana Africa has written off Bindura Nickel Corporation's non-current assets on concerns over viability of the subsidiary's operations, plunging the AIM-listed group into a huge loss.

Daily market turnover improved to $2,734 million on a volume of 6.286 million shares against yesterday's $784 262 on a volume of 5.050 million shares.

One of the two risers on the day was dual-listed Old Mutual which added 7.98c or 3.30% to 250c.

Art led the top losers on the market, shedding 0.20c or 33.33% to 0.4c while bankers FBC eased 3c or 25% to 9c.

FML and PG Industries lost 25% each to 12c and 0.3c respectively. Masimba traded 2.75c or 21.57% weaker at 10c.

Other notable fallers, Meikles traded 6c or 18.75% weaker at 26c while DZHL eased 4c or 15.38% to 22c. Padenga dropped 1c or 12.50% to 7c and bankers NMB eased 1c or 11.11% to 8c.

ZPI dropped 0.10c or 10% to 0.9c and Aico Africa eased 0.60c or 8.57% to 6.4c. Mash and Star Africa eased 5c each to 2.85c and 0.95c respectively. PPC lost 10c or 4.35% to 220c while SeedCo dropped 1c or 1.22% to 81c.
- zfn