Bad week for Zimbabwe Stock Exchange

The Zimbabwe Stock Exchange industrial index eased 0.8 percent to close at 145.01 points for the week while the mining index lost 6.75 percent to settle at 54.56 points on the back of the losses recorded by most mid caps and some blue chips.

Market capitalisation decreased by 0.94 percent to close at $4.017 billion, mirroring the changes in the indices.

Additionally, total market turnover rose by 35.63 percent to $2.218 million with average daily trades of $443 626 in the week under review.

Econet lost 10.15 percent to trade at 27 cents amid some controversy over its planned $130 million capital raise.

The largest counter by market capitalisation, Delta, lost 0.54 percent to close at 91.5 cents while OK Zimbabwe eased 0.28 percent to settle at 7.08 cents in the week under review.

Truworths and Nicoz Diamond shed 10 percent and 7.27 percent to trade at 0.9 cent and 2.55 cents respectively.

The bankers NMB, CBZ and Barclays , also lost 8.72 percent, 4.55 percent and 3.33 percent to close at 3.56 cents, 10.5 cents and 2.9 cents in that order.

Meikles also eased 0.84 percent to settle at 11.85 cents.

Partially offsetting the loss in the mainstream index, were the gains recorded by Lafarge, Simbisa and Hippo after picking up 20 percent, 3.13 percent and 1.39 percent respectively.

Mashonaland holdings, PPC and Old Mutual , slightly advanced 0.5 percent, 0.45 percent and 0.14 percent to close at 2 cents, 55.25 cents and 350.5 cents respectively.

The mining index fell on the back of loss recorded by Bindura which eased 12.5 percent to settle at 3.5 cents.

The remaining mining counters Riozim, Hwange and Falgold were unchanged in the week at 30 cents, 3 cents and 0.6 cent in that order.

Foreigners remained net sellers during the week, with purchases of $8.075 while selling off shares worth $1.3 million. As such, the local bourse recorded 30 percent foreign participation in the week under review.-The Source

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