ZSE shares slide further as volumes remain subdued

Published: 18 March 2014

ZSE shares slipped further down on Tuesday as blue chips Delta and Econet extended losses while volumes remained subdued across the board.

The Industrials Index dropped 0.77 points or 0.41% to 185.08 while the Minings Index closed 0.81 points or 2.44% in the red at 32.35 as Falgold was bid and offered lower at 3c and 5c respectively.

Delta remained weak after dropping another 1.06c to 119.94 amid selling pressure across the floor. Econet closed 0.47c weaker at 64.5c and remained sellers at the same price.

Volumes improved slightly from yesterday with the daily market turnover ending at $641 107 on 10.69 million shares against yesterday's $432 596 on 3.449 million snares.

Mash, which traded stable at 2.5c, was the only counter to record trades worth over $100 000 after 7.469 million shares worth $186 724 traded. NicozDiamond led the day's fallers after losing 0.20c to 1.3c while FBC, which reports its December finals tomorrow, slid 0.50c to 12.5c. Cottco eased 0.02c to 1.1c as SeedCo dropped 0.11c to 89.89c.

Pioneer remained stable at 5c after announcing that all conditions precedent necessary to give effect to the transaction have now been met and the issue of shares to Unifreight Limited can now be executed. 51 497 587 Pioneer Corporation Africa Limited shares were issued to Unifreight Limited taking the group's shares in issue to 106 474 237.

On the upside Lafarge led the 3 counters to trade in the positive after adding 4c to 85c followed by Natfoods which ended 10c better at 215c ahead of Friday s record date for its 3c interim dividend. Dual listed Old Mutual added 4.99c to 255c.

The Datvest All Share Index dropped 0.30 points or 0.24% to 125.18 while the FBC ZSE-10 Index closed 0.37 points or 0.28% weaker at 132.09. Gains in Old Mutual helped the Dual Listed Index to rise 3.04 points or 1.54% to 200.05.

- zfn