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Special bargains fail to stem slide

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Two special bargain deals in Delta and Fidelity on Friday failed to stem the downward slide of the industrial index on the Zimbabwe Stock Exchange.

The industrial index was down for its 14th consecutive day having closed at 139,67 points after shedding off 0,22 points.

Week on week the industrial index lost 3,90cents.
A total of five million Delta shares worth $3,5 million exchanged hands while 981 237 Fidelity shares were sold at 18,64 cents.

Fidelity Life Assurance earnings per share rose by 104% for the full year ended December 2011 while premium income increased by 53% to $11,7 million for the full year.

A special bargain occurs when buyers on the stock market purchase a big amount of shares at a special price agreed by the seller, the price would be at a premium of the prevailing trading price.

A local analyst said the downward trend in the industrial index was an indication of the negative market sentiments.

Hippo Valley dropped 2 cents to 100 cents, Interfin retreated to 1,01 cents to close at 3,50 cents while Nicoz Diamond slipped 0,50 cents to 2 cents.

Clothing retailer Edgars eased to 8,50 cents while OK Zimbabwe shed 0,40 cents to settle at 10,50 cents.

Innscor and Lafarge inched up a cent to close at 50 cents and 61 cents respectively while Dawn and Trust gained 0,05 cents to settle at 0,75 cents and 0,85 cents respectively.

Mining counters Bindura, Falgold and Hwange and RioZim remained unchanged at previous levels.
The mining index was steady at 85,45 points.

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