ZSE shares sink deeper into the red

Published: 27 March 2014

ZSE shares continued their downward trajectory and slumped deeper into the negative territory on Thursday as activity across the board slowed compared with the past 2 days.

The Industrials Index lost 0.23 points or 0.13% to 175.24 taking its losses this year to date to 13.30%.

Activity slowed with daily market turnover dropping to $1,037 million on 5.160 million shares from yesterday's $2,583 million on 8.493 million shares.

Most of the market's blue chips traded unchanged at previous levels notably BAT 1100c, Delta 115c, Econet 60c and Innscor which closed at 62c.

ABC lost 2c to 43c after yesterday's presentation to analysts where management highlighted that they will be focusing on raising capital for its various subsidiaries and improve loan book management.

Dual listed Old Mutual plunged 3c to 252c reversing gains made over the past 2 weeks. SeedCo also lost 1c to 79c.

Truworths led the fallers after losing 1c or 25% to 3c while Cottco eased 0.10c to 1c.

FML dropped a modest 0.01c to 9.99c ahead of its presentation of December financials this afternoon.

Cafca lost 1c to 21c with bankers Barclays ending 0.10c weaker at 3.4c. TA Holdings also closed 0.10c lower at 6.9c.

In Minings RioZim dropped a significant 5c or 20% to 20c, to cancel out gains in Hwange, which added 0.99c to 6c.

The Minings Index thus closed 0.73 points or 2.41% weaker at 29.51, its all-time low since 2009.

CBZ maintained its upward momentum after picking up 0.04c to 16.18c and remains buyers at the same price.

Conglomerate Meikles added 1c to 16.5c with buyers still looking at the same price.

There were 9 indices closing in the red on the Zfn board with just one the Conglomerates managing gains on gains in Meikles.

The benchmark Datvest All Share Index lost 0.34 points or 0.29% to 118.14 while the FBC ZSE-10 Index closed 0.28 points or 0.23% weaker at 124.27.
- zfn