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The equities market failed to hold on to prior session gains yesterday after losing -0,5 percent to close at 194.86.
Though trades remained firm by value traded, the overall market traded weak on lack of impetus following a dominant southwards trajectory in the past week.
Most heavies traded stable including momentum stock Delta which closed unchanged at 130c.
Econet likewise was little altered, however, to close call-over at 7c similar to yesterday.
Prior week’s profit taking in heavies stimulated a protracted contraction of prices which proliferated across the board and this was further exacerbated by a weak reporting season. The mining index maintained a steady rise adding 0,95 percent to 95.46 again helped by Bindura which rose by 1,2 percent to 8,3c.
The mining index is now 108 percent up year to date mainly buoyed by Bindura’s sterling performance in the year.
Hwange’s bid improved to 6c though it failed to attract sellers.
The remaining resources stocks were inactive in the session retaining prior quotes.
There were 24 active counters in the session, four of which went up while three were weaker with the remaining 17 counters sailing stable.
The overall out-turn was an increase from yesterday as only 19 stocks changed hands despite relatively firmer value traded in favour of the latter.
In an unusual low, two heavies featured among the three fallers while the third and overall faller was banking group Barclays that receded -0,28 percent of its value to its newly established resistance level of 3,5c.
Hippo shed the most easing -7,14 percent to 65c after an AGM, where the company said sugar production in the 2014/ 15 season is expected to be around the same levels as the past year at 239 338 tonnes though recently imposed duties on imports are likely to spur revenues from the local market.
The company, however, expects the sugar industry to restore sugar production to installed capacity of around 640 00 tonnes by 2017-18 following expected good rains.
Innscor re-rated further downwards by -4,85 percent following a lukewarm aggregated performance for the full year to June 2014.
Barclays eased -0,28 percent to 3,5c to cap the fallers. Willdale rose by 3 percent to 0,2c to assume the risers apex and was closely tailed by FMHL which went up by +8,15 percent to 6,5c. Life assurer Fidelity gained 1,05 percent to close at 9,6c in turn sustaining a rising momentum.
Aggregate turnover stayed above the psychological $1 million mark, which is the long run ZSE average though trimming –47 percent to $1,19 million on yesterday’s out-turn.
Volumes exchanged took an opposite swing souring 6 percent to 3,87 million shares as low value counter Nicoz exchanged a sizeable parcel of 1,4 million to spur volumes.
Econet re-assumed the overall top value traded stock position and accounted for 57 percent of the turnover. The trade in Econet, in a rare out-turn, was an exclusive local to local exchange.
Foreigners were less active on the buy side, which came of -98 percent to $0,03 million on yesterday.
Foreigners accounted for a mere 2,8 percent of the overall value traded in the session. – EFE Research.
Online Reporter