Mining index declines


The mining index shed off 2,19 points (1,41%) to close at 153,47 points on Monday weighed down by losses in RioZim and Bindura.

RioZim slid 5c to close at 80c and Bindura lost 0,30c to trade at 4,70c.

Falgold and Hwange were unchanged at 4,50c and 58c.

The industrial index remained largely unchanged at 160,82 points.

National Foods gave up 3c to trade at 90c whilst First Banking Corporation Holdings went down 0,90c to trade at 7,50c. Aico Africa came off 0,60c to close at 25c with TN Holdings and Turnall down 0,49c at 3,40c and 10,01c respectively.

Colcom and M&R both gained 2c to settle at 45c and 15c, Old Mutual increased by a cent to 146c and Truworths rose 0,99c to trade at 11c.

At the weekend Prime Minister Morgan Tsvangirai said government ministers should stop political rhetoric that scares away investors as the country was in desperate need of investment.

This followed conflicting messages from President Robert Mugabe that investors were welcome and threats by Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere to cancel the operating licences of mining companies that failed to comply with the indigenisation regulations.

“We need more investments, not less. Government is a collection and you shouldn’t give party policies as government policies. Let us communicate well with the people,” said Tsvangirai.