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Zimbabwe stocks retreat ahead of holidays

The Zimbabwe Stock Exchange’s main industrials index eased 3.26 percent in the week to settle at 317.73 points on renewed confidence in the country’s economic direction ahead of the festive holidays.

The mining index however gained 0.54 percent to close at 142.24 points.

Total market turnover trebled to $25.99 million from $8.28 million recorded in the previous week.

Market capitalisation closed the week at $9.15 billion.

Mobile operator Econet eased 14.73 percent to trade at 84.08 cents while Innscor shed 18 percent to settle at 100 cents.

BAT, Seedco and Padenga eased 1 percent, 12.5 percent and 0.45 percent to trade at 3 570.05 cents, 175 cents and 54.75 cents respectively.

Axia and Meikles dropped 9.74 percent and 12.47 percent to settle at 17.98 cents and 28.01 percent in that order.

NicozDiamond and NMB eased 17.29 percent and 4.26 percent to trade at 3.97 cents and 9 cents respectively.

Partially offsetting the losses were Retail operator OK and Old Mutual which gained 5.26 percent and 1.06 percent to settle at 20 cents and 454.79 cents respectively.

First Mutual and Rainbow Tourism Group added 5.41 percent and 5.26 percent to settle at 19.5 cents and 1 cent respectively.

Simbisa also added 2.63 percent to trade at 39 cents.

On the mining space, Bindura added 1.85 percent to settle at 5.5 cents while Hwange, FalGold and RioZim remained unshaken.

Foreigners bought shares worth $3.3 million compared to sales which amounted to $1.6 million.

Analysts opine that the ZSE self-correction will continue in the short to medium term on renewed investor confidence in the outlook of the economy. – The Source

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