Sellers dominate Zimbabwe equities market

HARARE – Sellers dominated trading on the Zimbabwe Stock Exchange (ZSE) as investors disposed off stocks to get money for spending during the festive season.

The all share index opened the week on a low note ahead of the Christmas holiday after falling 0.35 percent to close at 144.39 points.

The industrial index also dropped by 0.35 percent to 481.70 points with the top 10 also shedding 0.46 percent to 144.05 points while the mining or resources index was unchanged at  208.36 points.

Heavyweight counters led the losers as insurance giant Old Mutual retreated by 14.36 cents to settle at 800.61 cents, Seedco dropped 2.61 cents to close at 200.00 cents, Cassava eased 1.48 cents to 143.22 cents, First Mutual Holdings lost 0.90 cents to trade at 13.10 cents and Econet went down by 0.47 cents to 144.49 cents.

The losses were partially offset by gains in OK Zimbabwe which was up 0.11 cents to close at 25.16 cents and Star Africa added 0.10 cents to 1.40 cents.

The London Stock Exchange dropped by 3.91 percent to 3 908.00 points while the JSE was 1.27 percent up to 52 081.11 points with the New York Stock Exchange also dropping by 1.66 percent to 11 036.84 points.

On the commodities brent crude oil dropped by 0.69 percent to US$63.45 cents per barrel, while the global price for gold went up by 0.64 percent to US$1 264.98 cents an ounce with platinum also rising by 0.45 percent to US$790.72 cents an ounce.