Successive losses weigh down industrial index

index to a weekly fall of 2,4 percent to 164,12 points as activity on the bourse remained dull.
The mining index also struggled to emerge from the negative territory after suffering its fifth consecutive loss on Friday.
The resource shares plunged 7,1 percent compared to the previous week largely dragged by continued losses in Hwange.
Weekly turnover amounted to US$6,71 million from about 71,7 million shares traded.
Econet was the most liquid counter with a weekly turnover of about US$1,34 million.
Delta came in second at US$826 462 followed by Innscor at US$558 565, RioZim at US$361 009 and Hippo at US$324 551.
Offshore funds have continued driving blue chips as foreign investors are attracted to well capitalised stocks since they can easily move in and out than they would in small to mid tier stocks.
The industrial index opened the week lower at 167,83 dragged by losses in Interfin, which plunged 45 percent. Also on the downward side was ABCH and the blue chip Innscor.
The losses were partially offset by gains in Cafca, BAT and Lafarge, Meikles and Old Mutual.
The mining index lost 8,20 points as Hwange Colliery and RioZim retreated.
Equities struggled throughout the week as they failed to sustain gains recorded in the previous week.
On Friday, heavyweight counters weighed down the industrial index as sugar cane grower and processor Hippo Valley fell US10c to US130c.
Meikles and Old Mutual were down US2c to US50c and US161c respectively.
ABCH and TA retreated US1c each to US46c and US16c. Tobacco processor BAT rose US10c to settle at US175c while cable manufacturer Cafca and Interfin were up US2c each to US38c and US22c. Trust was up US0.58c to US2.50c.
Retailer Edgars lost US0,3c to US8,5c. Managing director, Mrs Linda Masterson told analysts on Friday that the company would open 11 shops in light of improved performance.
The group, whose capital circle was destroyed during the price blitz in 2008 posted US$1,5 million profit in the full year to December 31, 2010 largely driven by increase in sales experienced during the festive season.
During the period under review, Edgars achieved US$36 million in revenue compared to US$11,1 million recorded during the same period last year.
The group is excited about the future targeting US$50 million revenue for 2011 and profit before interest and tax of about 15 percent.
Analysts said Edgars results were above expectation against the background that the manufacturing sector is operating below capacity due to lack of funding.
Meanwhile, a report by Investec Asset Management has reveled that South African stocks are “significantly overvalued” after a surge in metal prices boosted companies including Anglo America Plc, and BHP Billiton.
Anglo American, the diversified mining company that makes up 11 percent of South Africa’s benchmark stock index, rose 26 percent since the beginning of the fourth quarter of 2010, beating the 7,4 percent return for the index.
BHP Billiton climbed 17 percent. The FTSE/JSE Africa All Share Index has advanced 42 percent since March 2009.
Miners account for 35,5 percent of the shares, including London-based Anglo American and BHP, and Johannesburg-based Impala Platinum Holdings Ltd and African Rainbow Minerals Ltd, according to stock exchange data.