Equities Market In Sluggish Trading As Both Indices Close In The Red

Total turnover on the ZSE at US$731 000 fell well below the US$1 million mark on 10 million shares exchanging hands while foreign trades were a mere US$42 406 and US$36 366 on buy side and sell side respectively.

By close of the trading session, which took just 40 minutes, both indices were in the red with the mainstream index knocking off 0,26 percent to 162.54 points while the Mining Index slipped -0,70 percent to 155.37 points  weighing down on the index was Food and Manufacturing Chain Group  giant Innscor Corporation Limited which came off -0,78 percent and closed sellers at 64c, banking group CBZ Financial Holdings Limited was -007 percent softer at 14,57c while ABC Financial Holdings Limited (ABCH) eased -7,14 percent to 65c ahead of results presentation on August 18.

The reporting season for June interims has dully kicked off with Dairibord Holdings Zimbabwe Limited (DHZL) sneaking its interims in press reporting a 27 percent growth in top-line to $42,5 million but reported shrinked operating profit margins at 8,59 percent down from 10,11 percent. Dairibord closed -2,26 percent lower at 26c.

Retail stocks were the worst performers after furniture group Pelhams Limited lost -18,33 percent to 0,49c while clothing group, Truworths Limited shed -7,41 percent to 10c.

The resources sector continue to be haunted by indigenisation issues and has failed to find a firm footing with a cumulative Year-To-Date loss of -22,47 percent.

Hwange Colliery Company Limited (HCCL) is the only mining stock with a positive Year-To-Date return of +6,60 percent while Bindura Nickle Corporation Limited, Falcon Gold Limited (Falgold) and Rio Zimbabwe Limited (RioZim) are trading at less than half their opening values after losing -53,85 percent, -63,16 percent and -51,58 percent, respectively.

In the day’s trading Bindura slipped -7,69 percent to 6c while RioZim lost -1,08 percent to 92c.