Bears continue to dominate on stock exchange

pressure.
In the absence of any positive stimuli on the market, the industrial index will continue to be dragged down by financial counters on the back of constraining liquidity challenges.
Stocks have failed to find balance in the new year as financial stocks trade in the negative as they continue to suffer from acute liquidity challenges which were exacerbated by the payment of civil servants’ bonuses in November last year.
The outlook for the market will largely depend on December financial results, which are expected to start filtering into the market next month and developments on the political front.
During the week under review, trades were thin and the majority of counters were trading in the negative territory.
On Friday, the market eased 0,41 percent weighed down by dual-listed cement manufacturer PPC shedding US2c to US205c, beverages manufacturer Delta and DZLH dropped a cent each to US68c and US17c respectively.
The drop in Delta’s price was despite positive sentiments from its 25 percent shareholder SABMiller that beer volumes had gone up 19 percent.
Innscor Africa and Meikles slipped US0,90c each to US55,10c and US16,10c in that order.
Meikles share price see-sawed during the week on the back of the Moxon Group consolidating its shareholding into a non-resident investment vehicle.
There were indications that the group would be funded to the tune of US$200 million, but this has failed to drive the company’s share price to record levels.
On news that the group was told of negotiations with a strategic partner, the group’s share price was lower closing last week at US2,60c after shedding US0,60c.
CBZ share prices responded to the liquidity crisis during the entire week and lost US0,51c to US8,49c.
The loses were countered by Old Mutual, which pushed up US5,90c to US155,90c, Hippo was a cent firmer at US101,99c while construction firm inched up a cent to US9c. TSL and Zimplow advanced US0,50c to settle at US6c and US8c respectively.
The mining index gained 0,80 percent to close at 80,82 points following gains in Falgold of US0,50c to trade at US7c.
Still struggling with recapitalisation Bindura, Hwange and RioZim were unchanged at previous levels. Week on week the mining index was flat.