ZSE shares end gloomy week stuck in the red

Published: 25 March 2014

ZSE shares dosed out another gloomy week with a dull performance as foreign investors stayed away amid growing economic angst

The Industrials Index dipped 1.19 points or 0.65% to close at 181.10 with the Minings Index sliding back into the negative after losing 0.26 points or 0.79% to 32.54.

Week on week the Industrials Index plunged 2.75% while the Minings Index is 1.87% in the red.

Industrials have now slumped 10.40% since January while Minings are down 28.94% on the January 1 level of 45.79.

Daily volumes ended subdued again with the daily turnover dropping to $515 894 on 2.792 million shares from $605 297 on 7.039 million shares that traded yesterday.

Weekly volumes plummeted with 40.40 million shares worth a paltry $3,267 million shares trading the whole week compared with S7.610 million on a volume of 42.74 million shares that traded last week.

Across the board only CBZ managed a modest 0.02c or 0.13% recovery to 16.02c against 9 other counters that recorded losses.

Astra led the fallers after dropping 0.50c or 12.5% to 3.5c followed by bankers ZBFH which lost 0.50c to 8.50c ahead of its finals and analysts briefing on Monday.

Heavyweights continued their downward trend with Delta dropping 1.01c to 117.99c and Econet shedding another 1c to 62c, trimming its gains in the year to just 3.3%. Innscor closed 1c weaker at 68c with sellers still offloading at the same price.

Meikles remained weak after losing another 0.50c to 16c while Zimplow Holdings closed 0.01c lower at 2.3c.

Bankers ABC, due to release December financials next Wednesday, saw its offer coming down to 45c from 50c yesterday with no buyers in sight.

The Zfn board also closed stuck in the red with the benchmark Datvest All Share Index losing 0.92 points or 0.75% to 122.43 while the FBC ZSE-10 Index dropped 1.10 points or 0.85% to 129.09.
- zfn