Equities Open Week Low On Thin Trades

Turnover dropped to US$425 638 from US$790 450 on a volume of 8, 2 million shares that exchanged hands.

Turnal Holdings Limited was the favourite counter accounting for 58 percent of value trades after 2,1 million shares exchanged hands at 11,8c in a trade worth US$245 675.

Turnal put on +12, 38 percent after media reports that Zimbabwe Mining Development Corporation is expected to reopen the Shabane Mashaba Mines (SMM) through phased recapitalisation.

The reopening of the asbestos mines will bring relief to Turnal which had been forced to import chrysotile asbestos from as far as Brazil at exorbitant costs (chrysotile asbestos constitutes 10 percent of Turnal inputs).

Thin trades were seen in heavy caps Delta Corporation Limited, National Foods Holdings Limited and SeedCo Limited while Econet Wireless Zimbabwe Holdings Limited and Innscor Corporation Limited recorded no trades and were offered at 375c and 54c, respectively.

Beverages group, Delta lost -0,28 percent to 70c but remains firm buyers at 70c ahead of interims results presentation on November 9, ABC Financial Holdings Limited slipped -0,75 percent to 66c while OK Zimbabwe Limited and CFI Holdings Limited eased -4,52 percent and -2,91 percent to 9,5c and 10c, respectively.

Tourism group, African Sun Limited was the worst performing stock of the day with a -10 percent loss to 0,72c.

Leading the gains was ART Corporation Limited which put on +25 percent to 0,5c on a sizeable parcel of 4,9 million shares, Pioneer Limited put on +16,67 percent to 7c while TA Holdings Limited was +1c firmer at 18c.

Natfoods advanced +0, 59 percent to 85,5c and closed buyers at 85c.

The ZSE’s Mining Index opened the week unchanged at 131.75 points after Bindura Nickel Corporation Limited , Hwange Colliery Company Limited and Rio Zimbabwe Limited traded at Friday’s price level. Falcon Gold Zimbabwe Limited close buyers only at 7c with no offers.