TN Bank share price tumbles

paid for the 45 percent stake in the bank.
This opening price had put the bank’s market capitalisation at US$44,3 million but it has since gone down to US$27,7 million.
Last Friday the shares were bid and offered at US10c and US24c respectively, an indication that the price might go lower than the bid. Upon listing, some equities dealers said the shares were overpriced and that the market would determine the correct price.
Meanwhile, the main index continued with its fine run closing the week in the positive recording its fourth consecutive rally. The industrial index advanced 0,35 percent to 133,53 points spurred by Econet, Innscor and OK while gains in RioZim helped the mining index climb 0,96 percent to 118,18 points.
Market activity remained buoyant though volumes dropped from Thursday’s unusual peaks.
Turnover for the day stood at US$1,4 million from 11,3 million shares supported by Delta trades while foreign purchases and sales accounted for 64 percent and 57 percent of the turnover respectively. Retail group OK added a marginal 0,09 percent to US11,51c.
On the downside, Fidelity eased 5 percent to US11,40c while Aico Africa slipped 1,14 percent to US9,50c. ART and NMB pared 9,09 percent to US0,5c and US1c respectively.
On a week-on-week basis, the industrial index gained 1,14 percent while the mining index rose 5,27 percent.
Econet added US2,70c to US428c, however, the mobile phone giants failed to give a detailed trade update for the first quarter of the year.
Innscor gained 1,72 percent to US59c, TSL was 5,26 percent firm to peak at a 52-week high of US10c while Meikles advanced 3,01 percent to US17,1c.
Meikles, in its annual report, said with effect from April 1, 2013 the group will take up a shareholding in Mentor Africa Limited. The group will then merge the Cape Grace into Mentor and the funds which were being held by Mentor on behalf of the Cape Grace would be converted into equity in Mentor.