Contact Center Industry News

TMCNet:  ZSE Down 7,7 Percent Year-to-Date

[July 02, 2014]

ZSE Down 7,7 Percent Year-to-Date

(AllAfrica Via Acquire Media NewsEdge) THE Zimbabwe Stock Exchange closed the first half of the year on Monday having lost 7,7 percent year-to-date to 186.56 points.

Market capitalisation was at $4,87 billion, down from the opening level of $5,2 billion. An estimated $210 million was invested in the market during the period under review. This is slightly down from an approximate $222 million that had been traded during the same period last year.

A total 37 stocks closed the period in red while 15 stocks recorded gains. The balance of 11 stocks closed the period under review unchanged. The ZSE's performance mirrors the country's struggling economy. The World Bank, in its June 2014 report downgraded Zimbabwe's growth rate to 2 percent from earlier projections of 3 percent.

This is also at a time most listed companies reported reduced revenues while others reported increased losses for the financial year ended December 2013.Results for the financial year ended March 31, 2014 have also been negative as the economic situation in the country continues to worsen.

Meanwhile, equities softened further in a slow Monday session where only sixteen stocks were active while price movements were seen in only seven of these. Declining stocks dominated at a count of six against only one riser for the day establishing a negative market breadth of five stocks.

Telecoms giant Econet was the sole riser after as the group rebounded, albeit marginally, to 67c on decent volume of circa 1,3 million shares to top both the value traded and volume traded charts. Spurring activity in Econet was the resurgent foreign appetite in the group which also helped inflows for the day to surge to $1,1 million.

The other stocks to exhibit foreign demand included Innscor, Delta, PPC and RioZim. On the disposals side, foreign investors also dominated, after letting go parcels in Econet and Innscor at a combined value of $878 020.

Leading the retreat was life assurer Fidelity that partially reversed prior session gains to close at 8,7c after a 13 percent decline.

Fidelity's gains had ridden on a buoyant trading update last week in which management advised that the $5 million bond that they offered to the market was oversubscribed. Proceeds from the bond are expected to expedite the group's land development projects.

Financial services group CBZ continued to trade softer shedding -6,9 percent to 13,5c just weeks after a sizable chunk (about 5 percent) exchanged hands on the bourse.

Innscor was similarly down shedding -2,47 percent to trade at 79c as reports emerged that their bakery business was being weighed down by the falling demand. It was reported that the group's subsidiary Bakers Inn reported a 10 percent decline in volumes in its recent full financial year results.

The food processing and packaging group National Foods also traded -2,33 percent softer at 210c while cement manufacturers PPC completed the top shakers after shedding -0,88 percent to a 225c.

With yesterday's losses the industrials capped a fairly decent performance for the month of June in which the index garnered a cumulative 6,7 percent though it remains at a year to date loss of 7,7 percent.

Meanwhile, the Mining Index is now coasting in the black on a year-to-date basis after a Bindura inspired rally saw the resources index pile in 73 percent in gains over the month of June to close sitting with a year-to-date return of 33,9 percent.

In today's session, however, the minings closed -0,64 percent softer at 61.32 points after Riozim traded at 20c against a previously indicated higher bid of 21c. -- Fin24/EFE Securities.

Copyright The Herald. Distributed by AllAfrica Global Media (

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