ZSE bearish as turnover falls

declined to US$1,1 million on 7,6 million shares.
Losses were largely attributed to sell-offs in hotel group, Meikles, beverages manufacturer Delta and finance group Barclays.
The hotel group slipped 2,4 percent at US29c, its lowest price since a demerger with Kingdom Financial Holdings. Delta faltered 1,2 percent at US80c while Barclays eased off modestly 0,2 percent at US5, 61c.

But Delta the most heavily traded counter of the day after 612 944 units exchanged hands in trades worth US$490 355.
Other notable trades were seen in FMCG conglomerate Innscor where 396 850 shares exchanged hands at a stable price of US64,5c in trades worth US$255 000.
Only three counters traded in the positive territory as CBZ added US0,77c to close at US14,58c.

TN was the biggest mover of the day, gaining US0,10c to trade at US0,90c in the wake of its half-year released financial results.
The group managed to surpass its revenue target of US$11 million by US$9 million for the period. TN is also targeting revenue of US$50 million by December 2011.
Topping the day’s losers was Interfresh, plummeting 25 percent at US0,15c on 80 million shares.

CBZ was a firmer 6 percent at US14,58c as Zimre capped the list of the day’s movers, up 4 percent at US1,45c.
The property company, Dawn, was the most favoured counter with over 2,8 million shares changing hands worth US$25 816.

But foreign investors dominated yesterday’s trades through back-to-back trades with outflows at US$802 302, which represents 68 percent of total turnover while inflows amounted to US$637 675, also representing 54 percent of total turnover.

Foreign investors sold 1 904 986 shares in Seed Co, Delta, AICO, OK, Dairibord and starafrica while they purchased 823 847 shares in Seed Co, Delta and Innscor.
Foreign investors remain the mainstay of the ZSE, providing significant liquidity as they cherry-pick on value and growth stocks with long-term investment cases.

Meanwhile, the resources board maintained flat trading as the index was unchanged at 156,46 points as the coal miner Hwange and the mining giant RioZim maintained their previous trading levels.
Nickel miner Bindura and Falgold went untraded.