HomeBusiness DigestZSE closes trades in the red as Econet earnings tumble

ZSE closes trades in the red as Econet earnings tumble

POOR earnings from Econet saw the Zimbabwe Stock Exchange maintaining a lacklustre performance on Thursday after closing trades 0,09% down to 130,62 points Econet as gains in Hwange brought some activity on the resources index.

Econet, the third largest listed company by market capitalisation released its half year financials which showed that after tax profit had declined to US$23 million from US$49 million. Its share price was down 0,1% to 27 cents.

econet snip

Old Mutual, which this week released impressive results, was also one of the under-performers after shedding 3% of its share price.

Gains in Seedco, which recorded a 4,2% growth to 99 cents were not enough to steer the benchmark industrial index to positive territory.

Official statistics showed that out of the 59 active counters, 54 traded unchanged while two were in the red.

The largely inactive resources index recorded gains after the coal miner gained 2,9% to 3,5 cents.-Staff Writer

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