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Business Reporter
THE Zimbabwe Stock Exchange’s main industrial index closed weaker last Friday after losing 0,5 points to close at 187,67 points as a result of losses in some mid capitalised and heavyweight counters.
Dairibord, OK Zimbabwe, African Sun, CBZ and Innscor all suffered losses during the second trading session held at the Harare Agricultural Show last Friday.
Dairibord shed 2 cents to 18 cents, while Innscor moved down US1,40c to US82c and OK Zimbabwe shed a cent to US21 cents. CBZ was half a cent weaker at US13,5c while African Sun decreased by 0,15 cents to trade at US1,9c
On the gainers, Econet picked up a cent to 49 cents, while First Mutual added US0,59c to US12,1c.
RTG moved up US0,04 c to US1,35c and Mashonaland Holdings was US0,02c firmer at US3,02c.
The mining index also continued on a downward spiral losing 3,87 percent to close at 48,73 points weighed down by Riozim which offered lower at 25 cents, while Bindura, Falgold and Hwange were unchanged at previous trading levels.
Commodity stocks have generally become less attractive of late due to plummeting mineral prices on international markets and this has been reflecting in the continuous fall of mining stocks share prices.
On a week on week basis, the industrial index lost 2,23 points (1,21 percent) while the resources index was 0,59 points (1,23 percent) firmer compared to a similar period the prior week.
While the ZSE mining and industrial index have continued on a southward trend although losses have been narrowing as confidence returns to the market after peaceful conclusion of the July 31 harmonised elections.
Meanwhile, the trading session on Friday attracted a sizeable following as this was the first time that the Zimbabwe Stock Exchange was exhibiting at the Harare Agricultural Show.
According to a statement issued by the ZSE chief executive Mr Alban Chirume last week, the exchange’s participation was meant to market stock exchange activities to the public.
“This was a drive aimed at stimulating interest, and improving the general awareness of the populace on stock market matters,” he said.
The ZSE operates an “open outcry” system, where brokers meet and trade on a trading floor. It is believed to be one of the last exchanges in the world to have manual rather than electronic trading and settlement.
However, there are plans to move to both electronic trading and settlement, which will mark the end of the manual era.
Online Reporter