ZSE records slight gain

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Traders work at the Zimbabwe Stock Exchange in Harare, Tuesday, Aug. 6, 2013. The country's stock exchange lost more than 650 million dollars in value after plunging 11 percent on its first trade following the announcement of the country's election results which saw Zimbabwean President Robert Muagbe receiving around 60 percent of the general vote to rule the country for the next five years, beating his main challenger Morgan Tsvangirai who has declared the election null and void and vowed to fight the outcome in the courts.(AP Photo/Tsvangirayi Mukwazhi)

GAINS in heavyweights Delta and a handful of mid cap counters were enough to drive the equities market into positive territory, advancing 0,45% to 131,58 points on Tuesday.

Delta, the largest company on the Zimbabwe Stock Exchange gained 0,4% of its share price to close trades at 82,31 cents while CBZ and Padenga advanced 11,1% and 5,3% respectively. Property firm Mashonaland Holdings share price was also up 5,3% to cents.

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On the downside Old Mutual, Econet and Seedco led today’s loser. Seedco the fourth largest counter by market capitalisation lost 0,02% of its share price to 98,73 cents.

Daily turnover stood at US$1,3 million in trades that were dominated by foreign sales. Foreign sales accounted for $1,2 million of the turnover while foreign sales contributed $491 000.

The mining index was unchanged on 23,68 points.

Analysts expect performance of ZSE to remain depressed.

“We maintain our view that activity on the local bourse will remain depressed for the greater part of this year on the back of poor macro-economic conditions,” said MMC Capital in its weekly market report.

“Economic indicators such as inflation, savings rate, money supply and the trade balance continue to show that the economy is indeed running out of steam. The automation of the local bourse is however expected to marginally improve the volume of trades on the back of extended trading period and openness of orders.”—Staff Writer

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