admindropping to US40c.
ABCH, based in Botswana, opened the year at US95c. This means that since the beginning of the year, it has lost 57 percent in value.
CBZ Holdings also contributed to the loss after dropping from US11,39c to US9,90c, showing a 13 percent negative variance.
The losses in ABCH and CBZH mean Barclays Bank remains the only banking institution in the top 10 counters by market capitalisation.
CBZ, the biggest bank on the ZSE by market capitalisation and assets, had a fine run on the market in the past two weeks.
The counter opened the year at US14c, meanings the banking group has lost about 29 percent in the year to date.
CBZ Bank was at the centre of the liquidity crisis that hit the market from December last year, and this had a negative effect on the share price.
The bank runs the consolidated funds for Government and in the absence of an inter-bank market saw the payment of salaries and bonuses of civil servants drain liquidity from the bank.
But the resources index remained unchanged vis-a-vis the previous week’s levels, closing at 81,58 points. All the four mining counters were unchanged.
Also trading in the negative were Afre, easing a cent to US5c, and hotel group Meikles shedding US0,60c to close US14c.
Gains were recorded in Border, adding US3c to US13c as Old Mutual gained US2c to US153c.
Trust inched up US0,30c to US1,30c under a cautionary. A new investor is expected to inject fresh capital in its banking unit.
Analysts yesterday said the poor performance in the two financial counters shows that demand has gone down.
Lukewarm performance by ABCH comes after the firm is aiming for a US$50 million rights issue, underwritten by African Development Corporation of Mauritius.
The rights issue is expected to be complete by July 4. However, the capital raise is likely to give some impetus to ABCH shares.
The proceeds of the rights issue will be disbursed in Botswana, Zambia and Zimbabwe.
“The price will certainly pick up, as new capital comes through,” said a local analyst.
Last year ABCH shares gained 137 percent on ZSE after surging 125 percent in 2010.
Online Reporter