ZSE opens week lower to extend string of losses

ZSE opens week lower to extend string of losses

By Alfonce Mbizwo, HARARE, August 19 (The Source) – The Zimbabwe Stock Exchange opened the week lower, with the main index dropping 2.90 points to 185, 07 points on Monday.

The market has endured a torrid fortnight following the July 31 elections and has seen both the main index losing 19, 39 percent by last Friday and the mining index a hefty 28, 04 percent, its lowest level since dollarisation.

Last week the market witnessed turnover falling by 20 percent to US$12 million in a three day trading week. The hangover continues to hold sway into the new week with no signs of abating.

Hotel group RTG’s share value plummeted by 35.29 percent to 1.10 cents, while local banking unit, NMB saw 25 percent of its value wiped out on Monday’s trading, falling to six cents.
Other loses were in Econet and OK Zimbabwe who also lost two cents each to 51 cents and 20 cents, respectively.

In total, 11 counters traded in the red with only two recording gains. The gains were in African Sun and Meikles at 0.14 cents to 2 cents and 0.01 cents to 29 cents respectively.
The mining index was flat at 48.05 with Hwange, Bindura, RioZim and Falcon Gold all unchanged from last week’s closing prices.