adminIn a market commentary, AfrAsia Kingdom brokers said the seed manufacturer had suffered a 56 percent decline in turnover according to the company’s half year financial statement to September 2012. It said although SeedCo reported optimism for the second half, developments on the ground indicate that the total turnover might remain below the previous years.
On Tuesday, the industrial index was 0,11 percent weaker at 147,88 points while the mining index traded unchanged at 65,94 points.
Turnover, however improved to $1,25 million from less than $0,5 million recorded on Monday. Bindura Nickel Mine released its interims for the period to September which showed a worsened loss of $7,9 million but an improved balance sheet with the equity of $8,3 million following the rights issue.
Africa Sun was firm at 0,87 cents up from 8,75 percent from the previous close.
Kingdom stock brokers said the hotel group reported positive earnings for the year to September 2012 which exceeded expectations. It also said Star Africa crept upwards by 4,8 percent to 1,1 cents while Innscor added 2,6 percent to 71 cents. CAFCA was the only other counter to trade upwards with a 2,5 percent gain to 41 cents.
On the shakers side, Pioneer went down 50 percent to 1 cent while Astra suffered a 9 percent decline to 5 cents.
“Pioneer has not been performing well despite having taken over Swift.”
Art went down 3,6 percent after reporting a nominal $0,4 million profit for the year ending to September 2012.
The trading pattern on the local bourse on Tuesday saw the number of gainers remaining unchanged although a number of fallers declined to five from nine.
The stock brokers said the market remains under pressure from liquidity challenges that have seen several companies being suspended from trading on the ZSE.
“Investors have also become sceptical of the political environment going forward hence reluctance to be exposed to risky assets,” said Kingdom stock brokers.
Online Reporter