Zimbabwe Stock Exchange sheds $900 million


The ZSE industrial index eased 8.49 percent to close the week on 366.08 points, weighed down by significant losses in heavyweight counters despite a recovery on Friday.

After four successive losses in the week, the bourse recovered on Friday as the mainstream index picked up by 0.46 points.

The resources index gained 8.98 percent to close on 99.67 points.

Market capitalisation dropped by 8.2 percent to $10.4 billion from $11.3 billion in the previous week.

Total market turnover declined to $25.93 million from $27.99 million recorded in the previous week.

Delta, to a larger extent, weighed down the mainstream index after shedding 25.6 percent to close at 220.01 cents in the week.

Padenga and Simbisa eased 18.66 percent and 9.76 percent to close at 81.34 cents and 69.5 cents respectively.

OK dropped 18.92 percent to settle at 30 cents.

Seedco and Innscor dropped 1.94 percent and 5.12 percent to close at 235.1 cents and 144.86 cents in that order.

However, other heavyweights recorded some gains.

BAT advanced 42.05 percent to close 2 606.67 cents while Econet and Old Mutual gained 0.92 percent and 16.48 percent to close at 80.25 cents and 783 cents respectively.

National Foods remained unchanged at 405 cents.

Other counters to record losses were FML and Dairibord which eased 17.75 percent and 15.41 percent to close the week at 9.5 cents and 14 cents respectively.

Additionally, Axia and Barclays eased 12.17 percent and 11.44 percent to trade at 28 cents and 7.97 cents in that order.

ZPI lost 8.4 percent to settle at 2.29 cents while Meikles and Powerspeed eased 6.66 percent and 6.25 percent to trade at 38 cents and 7.5 cents respectively.

NMB and StarAfrica dropped 5.56 percent and 2.07 percent to close at 8.5 cents and 2.37 cents respectively.

Edgars and Willdale fell 2 percent apiece to close at 4.9 cents and 0.98 cents respectively.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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