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ZSE close on low note

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Zimbabwe Stock Exchange (ZSE) industrials closed lower on Friday with a weekly loss of 1,15% as political sentiment weighed on the market on the 2nd anniversary of the inclusive government.

Transaction value fell below $500 000 at $497 607 on just 5,28 million shares.

Led by losses in heavyweights Barclays, SeedCo and Delta the ZSE industrials lost 0,45% to 158,44 points.

The minings gained 0,26% to 226,61 points again led by Bindura’s 0,4c gain to 13,5c. Bindura Nickel Corporation (BNC) recently entered into an off-take agreement with Glencore International to sell its concentrate produced at one of its mines until the smelter and refinery is restarted.

BNC is controlled by pan-African resources company Mwana Africa which has operations in different African countries including South Africa, Democratic Republic of Congo (DRC), Angola, Ghana and Bostwana.

The agreement will cover all the nickel concentrate to be produced following the re-start of operations at the Trojan Mine.

Manufacturing was the main loser after it fell 1,29 to 129,22 points following weaknesses in Delta which dropped 1c to 71c and BAT down 5c to 170c.
CBZ put on 0,95c to 18,95c and NMB added 0,2c to 1,3c to lead the individual risers.

Among the other heavyweights, SeedCo was 2c lower to 118c while Old Mutual was up 0,9c to 162c and Meikles recovered 0,5c to 44,5c.

Since last week there has been speculation in the country that the GPA had expired.

There is no consensus amongst parties in the inclusive government as to when it would come to an end.

While Prime Minister Morgan Tsvangirai says there are processes still to be done before the inclusive government could be dissolved, President Robert Mugabe says at most the inclusive government can be extended by six months.

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