ZSE Dips In Dull Week Opening Trades

Activity across the board remained thin as the holiday mode slowly kicked in, with the value of trades at US$612 322 of which the estimated foreign buying aggregates stood at US$118 481 while foreign sales were estimated at US$49 000.

Telecommunications company Econet Wireless Zimbabwe Holdings Limited, which accounted for estimated 31 percent continues to be the dominantly traded stock on the bourse after accounting for 68 percent of the total turnover for last week.

Other stocks to record notable trades include Dairibord Zimbabwe Holdings Limited which saw 519 292 shares exchanging hands in trades worth US$96 069 and Innscor Corporation Limited where 102 446 units of the stock exchanged hands in trades worth US$55 231.

Weighing on the market were losses in heavyweights Hippo Valley Estates Limited, Innscor, CBZ Financial Holdings Limited and BAT (Zimbabwe) Limited.

Hippo traded 2c (-1,96 percent) softer at 100c on thin demand while Innscor was also 2c (-3,57 percent) down at 54c on selling pressure; Old Mutual Limited traded -0,90 percent softer at 110c  and cigarette manufacturers BAT shed -3,13 percent to 31c.

Topping the shakers list was fresh farm produce distributors Interfresh Holdings Limited that came off -37,5 percent to 0,3c while insurance group Afre Limited was down -21,9 percent at 2,5c.

Demand surged in furniture and home appliance retail group Pelhams Limited to rise 12 percent closing at a high of 0,84c having hit an all time post dollarisation high of 0,9c during the same call.

Other gains were seen in Truworths Limited that followed after putting o n +2,50 percent at 8,2c, Pretoria Portland Cement that rose +1,94 percent to 210c, Murray & Roberts (Zimbabwe) Limited (M&R) up +1,85 percent at 11c and Fidelity Life Limited that put on +1,79 percent to 14,25c.

The delayed availing of funds by the DBSA seems to have come back to haunt coal miners Hwange Colliery Company Limited that hit a 52 week low of 31c.

Bindura Nickel Corporation Limited, on the other hand, traded 25 percent lower at 3,75c in the wake of the group’s interims that reflected a US$5,8 million loss for the year as the nickel mine house continues to have its operations under care and maintenance.

Rio Zimbabwe Limited came off 115 to yet another lowest point ever of 30c shocks from the rejected recapitalisation plan continue to haunt the mining giant.

As a result of these challenges the ZSE’s Mining Index shed -5.025 and also set a lowest point in more than two years of 84.05 points.