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Enacy Mapakame : Business reporter
SHARES on the Zimbabwe Stock Exchange (ZSE) yesterday fell below the psychological 100 mark again dragged down by weaknesses in Delta Corporation following its downbeat trading update on Wednesday. At the close of yesterday’s trades, the Industrials Index retreated to 99,63 after shedding 0,95 percent following losses in Delta and hotel group, Meikles Africa Limited.Delta, the largest company by market capitalisation traded 3,06 percent or 2,09 cents weaker to close at 66,03 cents.
The beverages maker this week reported that revenues for its first quarter to 30 June, 2016 fell 11 percent while lager and sparkling beverages volumes also declined on weak consumer spending.
Meikles lost 13 percent of its value to 7,30 cents after the company delayed the release of its financials for the year to March 31, 2016.
Further losses were, however, mitigated by gains in insurance giant Old Mutual which added 0,05 cents to close yesterday trading at 229,25 cents. Seed maker, Seed Co added 0,22 cents to 56,72 cents while FMCG group Innscor advanced 0,015 cents to 17,15 cents.
Other movers for the day were NMBZ Holdings and Simbisa Brands which rose 0,01 cent each to close at 3,78 cents and 1,31 cents respectively.
Daily turnover rose 242 percent to $55 635, from the previous day’s paltry $16 250, the worst performance year to date.
Average daily turnover for the local bourse stands at circa $600 000 from $1,5 million three years ago.
Foreign sales for the day amounted to $30 487 dominated by Delta which contributed $26 000. There were no foreign buys.
The mining index remained unchanged at 24,70 points as all the four counters Bindura, Falgold, Hwange and RioZim remained unchanged at 1 cent, 0,55 cents, 3 cents and 17 cents respectively.
The mining index has been static at 24,7 points since June 30.
Online Reporter