adminBUDGET consultations for next year have started and sentiments from contributions from various sectors will gauge the feeling of the business community on the direction the economy will likely take.
Economists say the sentiments might also reflect even the direction trade on the Zimbabwe Stock Exchange will take as traders look forward to policy changes.
The announcement of the budget, set for November, brings a number of changes that generally reflect how the Government wants to spend its revenues for the coming year.
Meanwhile, ZSE turnover more than doubled to $1,2 million on Friday with Econet dominating trades.
Econet traded 1,37 percent weaker at 72c as some investors panicked over tax evasion claims reported in a weekly paper at the weekend.
The company has since said the allegations were “false and defamatory”.
Elsewhere most stocks that traded closed in the red with Meikles shedding 5,88 percent to 16 cents, Padenga dropped 5,77 percent to close at 7,35 percent while National Foods shed 2,5 percent to close at 195c. Colcom was down 12 percent to 22c while CFI lost 3,91 percent to 2.21c.
Zimplow and Truworths also lost 6,98 percent and five percent respectively. Only four stocks closed positive with Bindura picking up a strong 11,98 percent to 5.61c with demand still very strong. First Mutual and ZPI added 10,40 percent and 1,12 percent to close at 5.52c and 0.9c respectively. African Sun was also up 3,7 percent at 2.8c.
BAT was bid only at 1250c ahead of its results briefing this afternoon. Overall the main Industrials Index was 0,64 percent weaker at 183.76 points. The Mining Index was, however, buoyed by Bindura up 8,83 percent to 66.53 points.
derick.khumalo