Sluggish trading persists on ZSE

opposite directions.
Last week the industrial index lost a further 1,72 percent to 157,94 points while the mining index put on 3,47 percent to close at 152,87 points.
In the third quarter of the year the industrial index has so far lost an overall 5,33 percent, reflecting the sluggish activity in the heavyweight counters.
The dip in highly capitalised counters has seen speculative play driving small-capitalised counters, with Phoenix jumping 50 percent in thin volumes to close the week at US3c.
Hotel group African Sun continued to seesaw in mostly speculative trades.
Milk processor Dairibord added 4,3 percent to US24c in large trades worth US$84 000 as it approaches the market target of US29c.
Total turnover for the week was US$5,8 million with Delta contributing about 16 percent of total revenue after shares worth US$933 000 changed hands during the week. Despite the price loss, Delta is still the biggest company by market capitalisation.
Mining firm RioZim had trades worth US$832 000 representing 14 percent of total turnover but retreated US0,02c in the week to close at US60c
The group is expected to push back its price to about US80c after news that it would be on the market to raise US$60 million to recapitalise and retire its debt.
Econet price was up and down in the week hitting a peak of US$410c but closed US405c.
BancABC maintained the pole position as the best performer among the big capitalised companies with a year to date gain of 93,6 percent.
Compared with the previous week, the mining index gained 3,47 percent but it is now trading lower than its historic performance in the third quarter as market prices show poor fundamentals of the listed counters regardless of huge resources.
Most resources firms are undercapitalised and they are seeking funding to recapitalise and retire debt.
Last week, Bindura Nickel Corporation shareholders agreed to raise US$10 million through a convertible debenture for its operations.
Equities had opened the week on a low note, usual for Mondays, as the industrials lost 0,44 percent at 160 points in thin trades.
Total market value traded dropped to less than a million at US$997 122 as volumes thinned out with only 5,4 million shares changing hands, down from seven million.
Foreign participation was negligible with inflows and outflows amounting to US$82 646 and US$165 405 respectively, despite assurances of the safety of foreign investments given at the Mining Indaba last week.