ZSE shares continue to falter

Published: 08 August 2013

ZSE shares continued to falter on Thursday closing in the red for the 5th straight session with fallers outnumbering risers by 9 to 4 counters as the sell-off persisted across the board.

The mainstream Industrials Index has dropped a massive 14% since the sell-off started on Monday.

The Industrials Index eased 1.17 points or 0.58% to 198.84 trimming its gains in the year to just 30.47% as OK Zimbabwe closed in the red while other blue chips closed unchanged with buyers slowly returning to the market albeit at lower prices.

Heavyweight counters Delta, Econet and Innscor traded unchanged at 120c, 55c and 85c respectively. Retail giant OK Zimbabwe eased 0.11 c or 0.43% to 25.19c.

The Minings Index also dropped 2.77 points or 4.56% to 57.94 on the back of losses in RioZim which eased 5c or 12.50% to 35c.

Daily market turnover eased slightly to $3,100 million on a volume of 19.325 million shares against yesterday's $3,920 million on a volume of 7.048 million shares.

NicozDIamond led the top risers on the market, adding 0.14c or 8.97% to 1.7c while Star Africa advanced 0.05c or 5.26% to 1c.

Dawn gained 0.02c or 2.27% to 0.9c and African Sun traded 0.02c or 1.33% firmer at 1.52a

ZHL was the top feller, shedding 0.40c or 28.57% to 1c while bankers ZBFH dropped 2.50c or 23.81% to 8a

Masimba eased 2c or 20% to 8c and Afdis traded 5c or 14.29% weaker at 30c. Colcom dropped 5c or 13.51% to 32a

Retail counter Truworths eased 0.30c or 10% to 2.7c while Aico Africa dropped 0.30c or 4.76% to 6c after publishing a repeat cautionary statement on envisaged series of transactions that are expected to enhance shareholder value.

NMB closed 6c buyers and 8c offers amid reports that the bank says the $16 million it obtained from 3 foreign investors during the first quarter of the year has enabled it to double the size of the bank and strengthened its ability to recapitalise the bank in line with the RBZ's new minimum capital.

Fidelity Life closed 10c buyers only in the wake of reports that the insurance company signed a joint-venture deal with a South Sudanese company.

The Datvest All Share Index eased 0.70 points or 0.52% to 132.66 while the FBC ZSE-10 Index was 0.04 points or 0.03% in the red at 136.00.

Losses in ZHL saw the Insurance Index dropping a significant 3.78 points or 3.03% to 121.03.

There were 3 sectors to manage gains on the Zfn board, the Conglomerate Index up 0.04% to 73.55, the Property Index 0.40% firmer at 105.29 and the Tourism Index which recovered 0.38% to 25.92.
- zfn