Equities subdued

the mining index retreated 1,57 percent or 1,66 points to 103,85 points.
Daily turnover was about US$3 million, driven by Delta which accounted for more than two-thirds of the total revenue.
Total shares traded came in at about 14,18 million. Market analysts said the poor performance of the stock market was likely to continue due to policy inconsistencies, with particular reference to the indigenisation and empowerment drive.
They said in light of the illiquid market, the trend would persist.
Concerns have also been raised over the economic situation, which has resulted in the closure of several companies and tight liquidity.
Last week, Reserve Bank of Zimbabwe Governor Dr Gideon Gono blamed the economic crisis on policy inconsistencies and the effects of illegal sanctions.
His remarks came a few weeks after Finance Minister Tendai Biti cut his economic growth forecast for this year from 9,4 percent to 5,6 percent.
At its annual congress, the Confederation of Zimbabwe Industries last week declared an economic crisis and called for immediate action to arrest the situation.
“The poor performance is a reflection of the way the economy is performing,” said one fund manager.
“The trend is likely to persist until the end of the year and could continue as we are likely to have elections which will certainly cause uncertainties.”
After trades yesterday, ABCH lost US2c to US55c. The company raised US$50 million through the rights offer. TN Bank lost US1,51c to US15,99c while Old Mutual and Seed Co dropped a cent to end at US155c and US83c respectively.
Lifestyle shed US0,50c to US1,10c.
Meikles and TA Holdings retreated US0,3c to US16,70c and US9,70c respectively.
On the upside, BAT gained US10c to US300c. Lafarge advanced US4c to US55c, Astra was US0,5c to US5c and Fidelity Life rose US0,10c to US11,60c.
Hwange slipped a cent to trade at US22c.
Hwange is struggling to secure funding for recapitalisation which requires at least US$175 million.
Last week, the market wound down for the weekend with a turnover of US$1 300 707,48.
The turnover was fairly distributed among the blue-chip counters — Delta, Innscor, Old Mutual and a fair chunk went into Turnall.
The rest of the market was very quiet on some very thin volumes.
The industrial index firmed 0,66 percent while the mining’s index shed 0,36 points due to RioZim, which  traded at US57c from a previous price of 60 cents.