Delta, Innscor Lift ZSE's Industrial Index

The ZSE’s Industrial Index added +0,18 percent or 0.26 points to 145c after Delta put on +1,05 percent to 76c while Innscor was +1,87 percent or 0,99c up at 54c albeit on thin volumes. 

The duo of property counters ZimRe Property Investments Limited and Pearl Holdings Limited advanced +9, 09 percent and +3, 12 percent to 1,2c and 3,3c, respectively. 

The value of trades declined to US$479 170 from 6, 5 million after only 25 of the 75 listed counters recorded trades.

The recent past has seen the reduction in foreign participation on the local bourse as they are seized with developments in the developed markets especially the uncertainty related to the situation in Greece, with international markets rising and falling dramatically on any headline suggesting progress or delay in a plan being accepted. 

The lack of liquidity on the local market has also been exacerbated by local investors who have developed a phobia towards equities market in preference for money market investments. 

The equities market which under-performed money market investment last year is also heading for the same fate this year with a Year-To-Date nominal loss of -4,14 percent before factoring inflation currently at 4,2 percent against average money market rates of between 15 percent and 20 percent per month.  

Local investors whose portfolios were predominantly equities upon dollarisation are looking at other investment options now available such as properties and alternative markets to boost their risk adjusted return.

Losses were seen in Phoenix Holdings Limited, down 16 percent to 2,10c, Colcom Holdings Limited eased -5, 41 percent to 35c while Fidelity Life Limited slipped -3, and 45 percent to 14c. 

Telecommunications giant Econet Wireless Zimbabwe Holdings Limited lost -1, 35 percent (-5c) to 365c as the wealthy Meikles   Africa Limited was -3, 36 percent lower at 23c albeit on thin volumes. 

Retailers were the worst performing sector after food retailer OK Zimbabwe Limited traded -2,11 percent lower at 9,3c and clothing group, Edgars Holdings Limited shed -0,56 percent to 8,95c. 

 SeedCo Limited was buyers at 110c and is due to present September interims on Wednesday November 9.

The ZSE’s Mining Index opened the week mainly unchanged at 122.51 points after Rio Zimbabwe Limited traded unchanged at 50c. 

Other mining counters recorded no trades.