Shares Close In Negative, Delta Weighs Down Industrials

Both indices lost ground by close of day as the Industrial Index came off -0,21 percent at 159.59 points while the Mining Index fell below the Industrial Index after easing -2,58 percent to 157.79 points.

The stock market continues to be haunted by fears of the indigenisation laws whose method of implementation remain unclear.

The Industrial Index was weighed down by selling pressure in beverages group Delta Corporation Limited which saw the counter lose -1,88 percent to 78,50c.

Delta, however, accounted for the lion’s share of the trades after 588 000 shares exchanged hands in trades worth US$461 000.

 The opposite happened in Dairibord Holdings Zimbabwe Limited (DHZL) as buying pressure from local investors saw the price add +2c to 23c as a volume of 1 million shares worth US$238 000 exchanged hands on the bourse. 

Total turnover improved to US$1,2 million on 8,5 million shares while foreign inflows and outflows totalled US$442 192 and US$515 969, respectively.

The shining star in Fidelity Insurance Limited seems to be diming faster as the counter is now trading 10c being 50 percent lower than its all time high of 20c but remains +354 percent up year-to-date.

In trades the life assurer slipped -16,67 percent albeit on thin trades.

Also weighing heavily on the industrials was Innscor Corporation Limited (Innscor) which traded -3,08 percent lower at 63c while Meikles Africa Limited (MAL) was marginally lower at 24.99 points.

Losses in Bindura Nickel Corporation Limited (Bindura) and Rio Zimbabwe Limited (RioZim) saw the resources sector trade -2,58 percent lower.

Nickel producer, Bindura Nickel Corporation Limited lost -16,67 percent at 5c while RioZim traded -5,88 percent lower to close at an all time low price of 80c.