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ZSE main index closes week in the red
19/09/2014 00:00:00
by The Source
 
 
RELATED STORIES
ZSE falls for third consecutive week
Stock market slips on Delta losses

THE industrial index closed in the red for the second consecutive week, dropping 4.5 points to 195.35 points after losses in several heavyweight counters.

Week-on-week, beverage maker, Delta and telecoms firm, Econet shed off 3.99 cents and six cents 129 cents and 77 cents.

Cement producer, Lafarge was the biggest losing counter in the week, paring off 25.4 percent to 50 cents, with a year to date loss of 55 percent.

On Thursday, the company released a set of disappointing financial results for the half-year to June, showing profit after tax over 50 percent lower at $1,323 million from $2,648 million the previous year.

Chairman Jonathan Shoniwa attributed the poor performance to lower sales in the company’s traditional markets, although he expects an improvement in the second half.

The mining index declined notably, shedding 10.65 points to 92.82 points, weighed down by losses in Bindura, Hwange and Rio Zim.

The weekly market turnover fell off by 38 percent from the prior week to $ 7.5 million.

On Friday, the industrial index shed 0.31 points to 195.35 points after negative trades in FMCG group, Innscor , which dropped 0.01 cents to 71.99 cents in trades worth $41,500.

Other losses were in Lafarge, which dropped 20 cents to close at 50 cents and TSL, which traded one cent weaker at 26 cents. Afdis and Dairibord traded 0.50 cents lower each to close at 33.50 cents and 11.50 cents while CFI eased 0.20 cents to close at 2.80 cents.

On the upside, Hippo rose one cent to close at 70 cents while Fidelity and NMB were up 0.50 cents each to close at 9.50 cents and 4.50 cents. ZPI gained by 0.20 cents to settle at 1.20 cents.

The resources index recorded a minute gain of 0.06 points to 92.82 points, supported by a 0.01 cents rise in Bindura to 8.01 cents.



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