Market Posts Depressed Trades In Shortened Week

The skirmishes in the United Kingdom as one of the fortresses of financial markets only helped worsen matters and of course emerging markets suffered the consequent effects of the instabilities.

Foreign players closed the week in a net outflow position of US$597 020 as inflows accounted for an estimated 22 percent of the total turnover for the week while outflows accounted for 37 percent of the total turnover which stood at US$3,8 million for the week under review.

Against this back ground the market was generally in a bearish mood over the week as the main stream Industrial Index took a dip shedding 1,01 percent (1,66 percent) to close the week at 161.97 points and with it narrowed down the year to date gains to 7,07 percent.

Forty stocks closed the week with price changes with the fallers dominating having 25 counters while 15 were mitigating the losses. Against all expectations that the reporting season that has dully started with the release of the interim financials by Dairibord Holdings Zimbabwe Limited (DHZL) in which revenues were up 35 percent at US$42 million would generate some excitement among the buyers lower than anticipated bottom lines only helped further dampen the market mood.

Dairibord itself closed the week 6,02 percent softer at 25c as participants began to revaluate their expectations on the group.

Several market heavies were in the red, notable among these was beverages group Delta Corporation Limited that eased -1,23 percent to close at 80c, Meikles Africa Limited (MAL) dropped -2,4 percent and ended the week at -2,36 percent while Innscor Corporation Limited was down -2,3 percent at 63c .

Leading the market losses, however, was Interfresh Holdings Limited that shed 25 percent for the week to trade at 0,15c with furniture and home appliances retail group Pelhams Limited following after shedding -18,33 percent to 0,49c.

Ariston Holdings Limited closed 17,7 percent softer at 1,4c as African Sun Limited and TA Holdings Limited (TA) completed the fallers list shedding 16,7 percent and 15,4 percent to close trading at 1c and 11c, respectively.

Mitigating the losses were gains in Steelnet Holdings Limited that led after a 50 percent surge took them to 0,15c with Falcon Gold Limited (Falgold) and TN Financial Holdings Limited (TN) Following after gaining 14,3 percent and 12,5 percent and closed the week at 4c and 0,9c, respectively.