ZSE Continues Slide

The benchmark Zimbabwe Stock EXchange started the month on a low as the illiquid market continues to weigh down heavily on the market.

It has largely been expected that the market would start picking up as companies started releasing their interim results.

It was also expected that the announcement by the listed companies in the financial sector that they had met the capital requirements would drive the industrial index.

However, the opposite is happening and since the beginning of the month, there has been very low activity.

At close, on Tuesday, 701 million shares traded compared to 8,799,597 that traded on Monday.

At 701 million shares, the turnover was US$924 million down from US$3,387,652 million generated on Monday. While there was a downturn on the industrial index, there were some positive for example CFX was the most active stock, with 1,5 million shares changing hands as news that it was to o for a rights issue started to sink in.

A total of fourteen counters traded in the negative whilst a total 11 counters traded on the upside.

On Monday trading ten counters traded in the positive territory whilst 21 counters traded in the red.

The industrial index of the 75 trading stocks slid 0,76 percent or 1.04 points down to 136.02 points and mining were still on the downside, dropping a further 5,24 percent or to close at 182.80 points.

TA led the shakers for the day dropping US5c to trade at US75c. AICO Africa lost US2.50c to close at US17.50c and CFI shed US2c to close at US31c. FBC ended down US0.30c to close at US270c with Zimplow easing US0.20c to trade at US0.80c.
Gains were realised in Hippo regaining from yesterdays loss by US5c to trade at US90c whilst dual listed PPC and ZBFH added just US1c each to close at US185c and US13c respectively.

Innscor and Zimpapers went up US50c each to trade at US57.5c and US1.50c.

The mining index was down with as RioZim was offered at US30c lower at US220c. Bindura, Falgold and Hwange traded unchanged at US18c, US11c and US37c respectively.