ZSE Falls Despite Improved `Activity

Turnover almost doubled to US$1 million as local buying impetus in telecoms giant Econet Wireless Holdings Zimbabwe Limited offered some liquidity to foreign participants who were major sellers. 

Foreign participation closed in net outflow position for the day with total sales of US$409 882,30 against purchases of US$277 294,31 with their buying interest being seen in retail group OK Zimbabwe Limited ahead of the group’s interim results slotted for November 25.

Twenty three counters constituted the advance-decline matrix with the latter dominating having 17 counters compared to only six risers. 

Notable amongst the top fallers were heavy cap stocks Hippo (-11,1 percent at 80c), Innscor (-5,17 percent at 55c) and Delta (-1,87 percent at 73,5c). 

AICO Limited, whose  interim financials are due for release later today, traded -2,5 percent softer at 19,5c. 

The group is largely expected to post an interim loss due to the cost accumulative nature in the first half of two of their operating units SeedCo Limited and Cottco Limited and the low capacities they operated at Olivine Industries (Private) Limited in the reported period. 

Leading the market losses however was Phoenix Limited that came off 28,57 percent to its 52 week low of 1,5c albeit on thin volume while Hunyani Holdings Limited and Truworths Limited were down -9,09 percent and -6,98 percent at 5c and 8c, respectively.

Mitigating the market losses were gains in African Sun Limited that led after putting on +14,29 percent to 0,8c as the market awaits the group’s financials. 

Banking group ABC Financial Holdings Limited rebounded +7,69 percent to 70c on renewed buying interest though traded volumes remained thin. 

Star Africa Limited also expected to release interims in the short term put on +7,14 percent to 1,5c.

The ZSE’s Mining Index was stable 121,83c as Hwange Colliery Company Limited traded unchanged at 45c while there were no traded in Bindura Nickel Corporation Limited, Falcon Gold Limited, and Rio Zimbabwe Limited.