Zim stock market opens week flat

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THE Zimbabwe Stock Exchange opened the week relatively flat, with a marginal gain of 0,06 points being recorded in the industrial index to 174,16 points.
The gain was on the back of a US5 cents rise in big cap Old Mutual which ended trade at US240 cents on a thin volumes.
Notable trades were in market-mover Delta, which had 1.2 million shares worth US$1.4 million exchanging hands, at an unchanged price of US113 cents.
Econet was also flat at US69 cents, with close to half a million shares being traded with a turnover of US$335 thousand.
SeedCo had minimal trades at US92 cents, whilst the rest of the big caps were inactive during today’s trading session.
Meanwhile, the economic outlook remained negative against with analysts saying the sharp and broad dip in prices on the back of weak economic fundamentals – both organic and generic in nature – would continue to hold.
However it is the emergence of a political uncertainty dimension that is likely to weigh more on the market in the short to medium term. 
On Friday the local bourse plummeted to a 5-month low, with the industrial index losing 2,81 points to 174,10 points.
Weighing down the market were subdued trades amongst most of the blue chip counters, chiefly market movers Delta, Econet and Innscor.
Likewise the mining index reached a 4 month low of 63,88 points, having dropped 9,28 points Week On Week, following a US1,08 cents loss in Bindura to US5,10 cents.
The value of trades for the day improved slightly by 2,8 percent to US$1,94 million compared to the US$1,89 million recorded during Friday’s trades.
On Monday, market movers Delta and Econet combined made up 86,4 percent of the day’s total market turnover.
Zimplow led the bears for the day, having shed US2 cents to US6 cents, with a 57 percent Year to Date loss.
The mining index was unchanged at 63,88 points, following minimal trades in Bindura and RioZim at previous trading levels of US5,1 cents and US16 cents respectively.Advertisement