Zimbabwe Industrial shares fall

INDUSTRIAL shares on the Zimbabwe Stock Exchange slid into the red on Friday, ending a two-day winning streak mostly on losses in OK Zimbabwe and DZHL.

After trades, the mainstream index was down 0,38 percent or 0,70 points or at 185,55 points while the mining index, of the four trading shares dropped 1,4 percent or 0,91 points at 63,88 points taking its losses since January 2 to 1,9 percent.

Daily turnover came in at US$2,3 million on about 8,2 million shares, an improvement from Thursday's US$1,4 million on a volume of about 10,4 million shares.
Week on week, the industrial index was down 1,02 percent while mining lost 5 percent.

Weekly turnover was about US$7,4 million on a volume of 33,49 million shares were lower than last week''s US$10,7 million on about 80,07 million shares.

Stocks opened the week with only two counters trading in the positive while 14 shares traded lower with the rest unchanged, as the industrial index slumped into the red.

On the day, most heavyweights traded lower, as the mainstream index dropped 1 percent to 185,93 points while the mining index fell 3,6 percent to 64,79 points, closing below the January 2 level of 65,12 points for the first time this year.

Significant volumes in Delta Corporation, the largest company in terms of value, and Econet Wireless helped the total market daily turnover to close above the psychological US$1 million level at US$1,28 million on a volume of nearly three million shares.

The industrial index slipped further on Tuesday largely on losses in Delta and Hippo Valley Estates with the industrial index falling to 185,21 points level.
The mining index was unchanged.

Despite limited activity on the bourse, turnover remained reasonably high at US$1,2 million on the back of decent trades in Delta, Econet and Innscor Africa.
The market slightly recovered on Wednesday, notching up 0,38 percent to 185,91 points. Minings were flat. Turnover was down 16 percent to US$1 million a day earlier.

Gains in heavyweight counters Econet and Innscor kept the industrials in the positive territory on Thursday as the industrial index gained 0,18 percent to 186,21 points while the minings remained stable at 64,79 points.

Turnover improved to US$1,44 million on a volume of 10,4 million shares.
The major highlight of the day was a special bargain of about 5,6 million FBC Holdings shares worth

US$448 000 bought by IH Securities from FBC Securities at US8c each.
GB Holdings led the fallers on Friday after losing 50 percent to US0,01c while TSL lost US0,50c to US18c.

The market''s most active stocks was Delta and Econet which remained stable at US122c and US69,71c respectively. BAT Zimbabwe was also unchanged at US720c.
Barclays dropped US0,10c to US3,2c. According to reports on Friday, chief executive and head of Africa Group Strategy Kennedy Bungane is scheduled to meet Minister Saviour Kasukuwere on empowerment compliance.

DZLH lost US1c to 28c after the group announced it will close its plants in Bulawayo and Mutare as part of the rationalisation of operations and return to profitability.

Meikles Limited dropped US2,50c at US20,5c while retailer OK lost US1c to US18c. NTS eased US0,20c to 2,3c, its lowest level in 52 weeks. The tyre distribution company remains 23,3 percent in the red both on a year to date and year-on-year basis.

Turnall lost US0,50c to US5c after reporting a drop in turnover for full year to December 31. There was a rare demand of Willdale share with the price rising by 200 percent to 0,15c.

The brickmaker holds its AGM next week. Innscor added US0,93c to US83,03c. National Foods Limited rose US5c to another all-time high of US 180c.

Fidelity Life added US1c to US14c after announcing the record date for the final dividend of US0,3443c.
Bindura added US0,31c to US2,31c while Hwange dropped US3c to 11c, its lowest level in 52 weeks.