Mining index sings the blues

registering a year-to-date gain of 10,52 percent to close at 167,18 points.
However, disappointment continued on the resources board as the mining index widened its year to date performance to -14.51percent to close at 171,32 points.
Poor financial performance among the resource counters coupled with acute undercapitalisation and the threat of the indigenisation laws adversely affected the listed mining stocks.
During the six months, 2,1 billion shares worth US$234 million changed hands on the bourse.
Fidelity was the biggest mover, gaining 581 percent, Cafca 275 percent and TPH, 175 percent.
Starafrica was the worst performing counter losing 85,71 percent as it continues to sink into financial woes despite undertaking a successful US$20 million recapitalisation last year.
On the last day of the period under review total turnover improved 84,11 percent at US$2,1 million on 13,6 million shares in a trading session dominated by local investors.
Locals accounted for 95 percent and 89 percent of all purchases and sales respectively as foreign investors remained on the sidelines accounting for just US$108 517 of purchases and US$243 849 of the sales values.
Excitement was seen in ABC, Fidelity and TPH that hit all-time high prices of US60c, US15c and US16,5c respectively after advancing 16,67 percent, 7,14 percent, and 6,45 percent respectively.
Trading group, ART sank to a 52-week low price of US0,6c losing 3, 64 percent in a desperate trade of 100 000 shares. Banking group, Barclays, which opened the year at US9c, slipped 7,69 percent to close at US6c widening its year-to-date loss to 33,3 percent.
Price movements were tilted in favour of gainers as 17 traded firm against nine losers while active counters constituted 53 percent (42 counters) of the listed counters.
Despite the increased activity, value traded was concentrated with the top five counters, which accounted for 69 percent of the total.
Meanwhile in midweek trades, Aico Africa was the most favoured stock after posting a US$18 million profit for the year ended March 2011, Aico advanced US3c to US22c as Fidelity notched US1,50c to trade at US14c.
Gains were offset by loses in BAT, which slipped US4c to US155c while Chemco and Colcom both lost US2c each to close at US10c and US40c respectively.
The mining index had opened the week -4,15 percent at 175,28 points weighed down by losses in Hwange and RioZim, which lost 5 percent and 3,46 percent to close at US57c and US139, 98c.
On Tuesday the entire market one percent up at 164,76 points as trades were dominated by local investors.
Local investors accounted for 100 percent of all purchases and 77 percent of sales relegating foreign participation to just 22 percent of sales.
Despite a -12,82 percent decline in volumes at 11,5 million shares, total turnover improved 43 percent at US$2,8 million boosted by trades in heavy cap counters Econet, Hippo and Innscor.
A special bargain of 794 025 shares in ABCH executed at US60c in a trade worth US$476 415 and a back to back trade of 395 000 units in
Seed Co at US125,1c in a trade worth US$494 145.
Leading the heavyweight charge was agro-based group Hippo, which put on 8,73 percent with slightly over half a million shares exchanged hands at 130c.
Steelnet was the worst performing counter of the day after losing 10 percent to close at
US0,09c while Starafrica eased 9,09 percent to US0,9c.
On Monday there was a surprise recovery in some heavy capitalised counters which saw the mainstream industrial index open the week 0,18 percent firm at 163,13 points despite mixed trades among the mega capitalised counters.
Trading in the positive were Innscor up 1,59 percent at US64c, Econet up an impressive US7,01c at US475c, with Delta and Old Mutual recorded gains of 0, 68 percent and 0,64 percent to US77,02c and US158c.
Property counters dominated the losers pack on Monday after all except Pearl that traded in the negative. Mash slipped 3,75 percent to US2,3c, ZPI lost 5 percent to US0,95c, Dawn eased 10 percent to close at US0,9c while Pearl was steady at US3c on 4 million shares exchanging hands.
Total turnover improved 42 percent at US$1,97 million boosted by trades in Econet, Delta and Dairibord despite a 63,36 percent decline in volume traded at 13,2 million shares.
Foreign investors were net sellers after US$823 334 worth of trades went through against purchases of just US$258 498.
Meanwhile stocks opened the third quarter on Friday, lower at 165,87 points after it fell 0,78 percent due to losses in mainly heavyweight counters.
The cement maker PPC reversed US9c gained in the previous session to close at US331c, Seed Co shed US2, 10c to trade at US123c.
Afdis went down US2c to US13c as Econet slipped US1,60c to US471,40c and TPH slid
US1,50c to close at US15c.
Trading in the positive territory, Lafarge adding US5,05c to close at US85,05c as RTG jumped US0,94c to close at US3,30c.
The mining index gave up 0,38 percent to close at 170,67 points as Falgold US0,50c lower at US3c. The mining index dropped a significant 6,67 percent compared to the previous week.
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