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ZSE opens weaker on subdued heavyweights performance

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MEMORY MATARANYIKA

Harare – DESPITE a 9.5% rally by Delta Corporation upto last week Thursday, most of the heavyweight counters on the Zimbabwe Stock Exchange (ZSE) traded in the red on Monday, driving down the industrial index on the first day of the week.

Analysts at IH Securities said in a commentary on Delta that it’s “earnings continue to highlight the defensive qualities of the stock” although it was marginally up on Monday’s opening session after rising 0.19% to 151.3 cents.

The industrial index on the ZSE eased by 0.04% on Monday after shedding 0.08 points to close the day’s session at 216.93 points.

“The ZSE closed down (on Monday) with the Industrial Index dropping 0.04% to close at 216.93 points and the Mining Index falling 8.07% to close at 45.23 points,” said analysts at brokerage firm Lynton Edwards in a market report.

Econet, which said on Monday it would offer credit for account holders on its EcoCash Save platform, shed half a cent to close at 62 cents while African Sun was 0.10 cents weaker at 2.60 cents.

Star Africa and Truworths were down 0.05 cents after settling at 1.15 cents and 3.75 cents respectively.

However, the losses recorded by the ZSE’s heavyweight counters were marginally clawed back by the non-heavyweight counters although spirits manufacturer Afdis’ 9.66% rally upto 35.09 cents failed to lift the industrial index.

Agro-processing group, Aico gained 8.7% to close at 6 cents while National Tyre Services (NTS) closed 7.14% firmer at 3 cents.

Pearl gained 5.26% to close at 3 cents while Padenga also performed relatively well, finishing the day’s session 4.94% higher at 8.5 cents.

The mining index slipped by 8.07% after losing 3.97 points, driven down by RioZim which retreated by a cent to close the day at 32 cents and Bindura which shed 0.20 cents to close at 1.80 cents.

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