This pushed the weekly turnover on the Zimbabwe Stock Exchange (ZSE) up 66 percent to US$18 million.
The most liquid stock on the market was for the week was telecommunications group Econet in which a total of 1 913 672 shares exchanged hands yielding an estimated US$7,5 million in value of trades, while Delta also recorded sizable trades with 8 397 375 shares trading for a total of US$5,9 million.
Other notable contributions to total turnover came from Innscor (8 percent), TN Financial Holdings Limited (7 percent) and Pelhams Limited (2 percent).
The market set to close yet another year on a low key as the main stream Industrial Index down -8,57 percent on a year-to-date basis while the ZSE’s Mining Index has shed 59,58 percent YTD with only seven trading sessions before the curtain comes down on 2011.
In the week under review several stocks sank to new 52 week lows from which hopes of recovery before year end are limited; among these are the agro industrial concern AICO Limited which dropped 14,3 percent to a low of 15c and CFI Holdings Limited (8c); the duo of insurance groups Afre Limited (2,5c) and ZimRe Holdings Limited (0,9c) and banking stocks CBZ Financial Holdings Limited (9c) and Barclays Bank of Zimbabwe Limited (4,5c).
Tightly held Radar Holdings Limited lead the weekly shakers list after an unprecedented 73,3 percent plunge saw their shares exchanging hands at 8c by close of trade Friday, while following were lightweights APEX Holdings Limited and Interfresh Limited, down 60 percent and 58,3 percent to 0,1c and 0,2c, respectively.
Also weighing on the industrials for the week were losses in heavy cap stocks Delta down -2,8 percent at 70c, Food and Manufacturing Consumer Group conglomerate Innscor that shed 5 percent to 53,2c, Meikles Africa Limited that came off 9,1 percent to 20c and the duo of financial services groups CBZ and ABC Financial Holdings Limited that dropped 10 percent and -10,71 percent to 9c and 75c, respectively.
Mitigating the losses were gains in the pair of dually listed conglomerates Old Mutual Limited and Pretoria Portland Cement that put n 4,5 percent and 1,9 percent to 116c and 210c.
Gains were also seen in food processing and packaging group National Foods Limited that put on +1,25 percent to 81c and clothing retail group Truworths Limited that put on +6,25 percent to 8,5c.
Pelhams Limited was 13,33 percent at 0,85c in the wake of the court ruling paving the way for the transfer of a contested 28 percent stake in the group that sailed through the market a couple of weeks ago.
The transfer is expected to see TNFH consolidate their strangle hold on the furniture and home appliance retail sector in Zimbabwe.
Small cap stock Celsys Limited, however, emerged the market’s top weekly gainer after a 33 percent rise took them to 0,4c
The resources index now firmly stark in the negative shed a further -8,46% for the week to close at 81.00 points as recapitalisation issues in the constituent companies brought to bear on the index.
Bindura Nickel Corporation Limited, whose operations remain largely under care and maintenance, shed 40 percent to 3c, Rio Zimbabwe Limited closed trading 11,8 percent softer at 30c while Hwange Colliery Company Limited came off -6,25 percent to 30c as Falcon Gold Zimbabwe Limited was stable at 6c.