ZSE in marginal rebound

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ZSE in marginal rebound The bulk of the money currently getting into the market is from private clients who are now moving into assets as business is stalling due to the failure to import.

ZSEThe Zimbabwe Stock Exchange ended its losing streak to rebound marginally at the close of trading yesterday. However, the overall market still remains subdued with thin volumes concentrated in a few counters. A total of seven counters were active, which saw a mix of big caps and consumer facing stocks dominating trading.

Yesterday, Government directed all diamond mining joint venture companies to cease all mining activities with immediate effect and to vacate the mining areas covered by Special Grants for diamonds within 90 days.

Meanwhile, Hwange Colliery Company republished its interim financial results for the half-year ended June 30 2015. This was necessitated by a materiality of the final Zimbabwe Revenue Authority (ZIMRA) liability concluded on November 27, 2015 wherein there was recognition of an additional tax liability of $28,5 million resulting in a tax liability of $69,1 million.

The amount had been previously reported as a contingent liability. Hwange Colliery Company did not trade yesterday.

The mainstream Industrial Index rose to 99,15 from last week, on account of a 0,96percent jump in from Delta to 52,50 cents from Friday’s closing price of 50 cents. Delta was the only counter to trade in the green today.

Other movements were recorded in Econet, which lost 0,14 percent to close at 22,02 cents while Old Mutual shed a marginal 0,01 percent to finish the day at 180 cents. Afdis, OK Zimbabwe, Willdale, and Zimre Holdings remained unchanged to maintain previous levels.

The Mining Index was flat at 18,74.

Value traded rose to $183 201,90, with Afdis having the largest value traded at $122 002,02, followed by OK Zimbabwe at $35 000. A total 2,52 million shares were bought and sold in today’s session, and the ZSE’s total market cap improved slightly by 0,2 percent from prior levels to end at $2,85 billion. Foreign sales stood at $45 316 while foreign buys were $4 195. – Wires.

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