Taking Cue From Global Markets ZSE Industrials Slide

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Fifty stocks closed the week changed with fallers dominating at 30 counters while only 26 counters recorded gains.

Leading the market losses were heavy cap stocks Delta Corporation Limited (Delta), Innscor Corporation Limited (Innscor), CBZ Financial Holdings Limited (CBZ), Hippo Valley Estates Limited (Hippo) and Meikles Africa Limited (MAL).

Beverages group Delta closed -4,01 percent softer at 71,99c as selling pressure mounted on the group.

Old Mutual Limited (old Mutual) shed -0,69 percent to 159c despite news that the group’s indigenisation proposal has been accepted by the government.
Agro industrial concern Hippo came off -1,04 percent to 95c while AICO Limited dropped -5,88percent to 24c.

Meikles that rallied last week to 32c failed to hold at the top end crumbling -18,75 percent to 26c, while National Foods Limited (NatFoods) dropped -11,11 percent to 80c

Among the counters to gain was Chemco Limited that led after putting on 51,5 percent to 25c.

Investors put away indigenisation fears in Barclays Bank Zimbabwe Limited as the banking group put on +4,56 percent to 7,11c.

Dairibord Holdings Zimbabwe Limited (DHZL) garnered +6,6 percent to 24c on resurgent demand, while investment holding company Tobacco Associates Holdings Limited (TA) continued its steady recovery since the release of their interim results putting on +3,45 percent for the week to 15c.

TN Financial Holdings Limited (TN) recovered from last week’s fall after a +12,5 percent rebound took them to 3,6c consolidating their year-to-date gains at 350 percent.

The group has enjoyed a good run on the bourse post the release of their interim results to June 2011 in which they posted a profit of US$5 million buoyed strong furniture retail business performance.

The resources index is seemingly in recovery mode led by a 34,8 percent charge in gold miners Falcon Gold Zimbabwe Limited (Falgold) that closed the week at 7,01 and Bindura Nickel Corporation Limited (Bindura) that firmed +5,26 percent to 4,20c to see the ZSE’s Mining Index put on +3,74 percent to 152.87 points.

Also trading in the positive was coal miners Hwange Colliery Company Limited (HCCL) that put on +3,455 to 60c while Rio Tinto Zimbabwe Limited (RioZim) was the only shaker week on week down -0,02 percent at 60c.