Bad Week For Stock Market Traders

Foreigners are still reluctant to invest in the country due to stringent regulations for company directors.A stock market analyst told Radio Vop that counters that had been major achievers this week included TN Financial Holdings Limited (TN) run by prominent due diligence expert, Tawanda Nyambirai, who has teamed up with business tycoon and wealthy John Moxon of Meikles Africa Limited (MAL) empire.

Other counters that did well were Innscor Corporation Limited, and Astra Holdings Limited (Astra), the major farming concern in Zimbabwe.
The stock market analyst said Mining counters had however remained slightly unchanged with FalGold Limited, Hwange Colliery Company Limited (HCCL), and Rio Zimbabwe Limited (RioZim) trading at similar levels from the previous week.

The Industrial Index fell by 0.17 points which was about 0.11 percent from previous levels to close at 161.28 points in Zimbabwe.
Three counters weighed down the rocky Industrial Index as Seed Co Limited (Seed Co) dragged two cents to trade at 124 cents.
The stock market analyst said the mining index was, however, mainly unchanged and stood at 222.46 points as Bindura Nickel Corporation Limited (Bindura) ,
FalGold Limited, Hwange and Rio stood steady.The ZSE used to be an investment vehicle for punters in Zimbabwe some of whom burnt cash to reap where they did not sow.

However, this was stopped when central bank governor Dr Gideon Gono stopped the use of the worthless Zimbabwe dollar as legal currency at the height of the economic downturn in the country.Confidence in the  use of the US dollar has boosted trading at the stock market since it does not fluctuate like the Zimbabwe dollar.