Equities Market Opens The Week Softer

The equities have failed to find direction trading sideways on the back of conflicting political signals with the latest being Zanu (PF)’s insistence that elections should be held this year. Volume traded slumped -77,57 percent after 5,5 million shares traded in 40 active down from 24,7 million shares on Friday.

Value traded however improved +12,71 percent at US$1,250 million boosted by significant trades in Delta Corporation Limited (Delta), telecommunications giant Econet Wireless Holdings Zimbabwe Limited (Econet), Innscor Corporation Limited and SeedCo Limited, while retail group Truworths Limited, was the favourite counter by volume with 1,2 million shares exchanging hands in trades worth US$115 496 at an all-time high price of 9,2c.

Foreign trades were significantly subdued at US$57 208 for purchases while sales amounted to a mere US$65 276.

Price movements were skewed in favour losses after 11 counters traded in the negative against six risers.

Steelnet Holdings Limited fared worst with a -46,67 percent decline at 0,08c while TN Financial Holdings Limited (TN) was distant second easing -6,25 percent at 0,75c.

Heavyweights to trade in the negative were Dairibord Holdings Zimbabwe Limited (DHZL) down -5,05 percent at 28c, Econet shed -0,53 percent at 466,99c while CBZ Financial Holdings Limited (CBZ) -0,06 percent lower at 16c.

Small cap counters dominated the gains as Afre Limited led the charge with a +8,70 percent surge at 5c while property group Pearl Property Holdings Limited (Pearl) added +7,41 percent at 2,90c.

Delta, Seedco, Hippo Valley Estates Limited and Old Mutual Limited all traded at Friday prices while Innscor was the only one to trade in the positive putting on a marginal 0,16 percent at 61.50c.

Non-movers dominated both volumes traded and value traded accounting for 59 percent (US$737 325) of total value traded and 45 percent (2,5 million shares) of total value traded while gainers and shakers accounted for 20,5 percent apiece of turnover.

A -7,14 percent loss in Bindura Nickel Corporation Limited at 6,50c coupled with a lower offer in Rio Zimbabwe Limited (RioZim) at 105c outweighed the gains in Falcon Gold Limited (Falgold) to see the Mining Index ease -0,54 percent at 161.31 points.

Falgold added +14,29 percent at 4c albeit on thin volumes.