ZSE opens in week in red

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HARARE – The Zimbabwe Stock Exchange opened the week in the negative territory on Monday shedding 0,69 percent to 333,64 with big cap stocks losing ground.

By the close of trading the main Industrials Index was 0,69 percent weaker after losses in big caps Old Mutual down 7,62 percent and Econet down 5,96 percent to 97,83 cents.

First Mutual Life was also negative after it lost 2,7 percent to 18 cents. The Group recently acquired a majority stake in NicozDiamond and is also looking at buying the remaining stake owned by Zimre Holdings.

The market however had two stocks in the positive territory with Bindura adding 11,86 percent to 4,81 cents. Bindura last week reported its results for the half year to September showing a 7 percent growth in revenue. Revenue for the period increased to $24,1 million as compared to $22.5 million recorded the same period last year. EBITDA was up 55% from $2,2 million to $3,4 million on the back of cost containment and other income related to export incentive.

The gain in Bindura helped the Mining Index close 3 percent firmer at 136,78. Turnover for the day was almost similar to Friday’s one at $2,290 million with foreigners buying the bulk of the shares worth $2,114 million. Foreign investors also sold a significant portion of $1,873 million.