Losses weigh down industrial index

characterised by thin trading which drove the mainstream industrial index lower.
The resources index remained flat at 95,39 points. A number of mining companies are yet to comply with the Indigenisation and Economic Empowerment Act.
In addition, most mining companies are critically undercapitalised as major international investors are being cautious before investing in the sector.
Government has reportedly ordered Zimplats and Falgold to transfer 29,5 percent and 51 percent stake to the National Indigenisation and Economic Empowerment Fund to comply with the law.
Turnover for the day fell 18 percent to US$393 907 from US$480 202 recorded the previous day on 6 063 601 shares. Foreign trades totalled a paltry US$1 510 from the few purchases in CBZ, M&R and Seed Co.
Insurance giant Old Mutual shed US3,99c to trade at US171,01c while beverage maker Delta and Seed Co dropped US2c each to close at US70c and US110c respectively. TA eased a cent to US12c as Aico Africa and Zimplow were US0,50c lower at US19c and US7,50c respectively. Hotel group African Sun was the biggest loser of the day, shedding 25 percent to trade at 0,9c and TA Holdings also lost 7,69 percent to 12c.
Financial group CBZ still suffering under liquidity challenges caused by high volume and high value transactions, dropped 6,54 percent to record low levels of US7c. The 6,25 percent drop in Zimplow is despite its impressive set of finals from the group as it continues to deliver a steady performance.
Zimplow declared a dividend of 0,27c per share after group top line grew by 6 percent to US$15,5 million supported by a 30 percent growth in domestic sales.
On the upside, Hippo pushed up US3c to US108c and Natfoods gained US2c to settle at US120c.
Innscor added US0,89c to trade at US60c, OK Zimbabwe moved up US0,20c to close at US11,50c and Turnall increased by US0,13c to US11,13c.
The market opened the year on a low note, with the mining index hitting its lowest level since 2009, closing the month at 70,09 points.