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Stock market continues on downward spiral

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THE Zimbabwe Stock Exchange (ZSE) indices dropped during last week’s trade due to a decline in trade in counters.

VICTORIA MTOMBA
BUSINESS REPORTER

The industrial index lost 0,78 points to close at 193,79 points on Friday with Pioneer, Delta, CBZ and Edgars having declined. Pioneer shed a cent to 3 cents, Delta decreased 0,99cents to 1,29cents, CBZ was down 0,95 cents at 13,05 cents and Edgars closed at 11,4 cents following a decline of 0,1 cents.

During trading on Friday gainers were ABCH that added a cent to 74 cents while Radar increased by half a cent to 3cents.

The index lost 1,56 points in the week. The mining index dropped 3,51 points to 92,76 points after Bindura that has been the major driver at the market lost 0,39cents to 8 cents. Hwange, Falgold and RioZim were unchanged. The mining index lost 0,09points in the week.

EFE Research said the stock market continued on a downward spiral albeit on a marginal scale as Delta put off prior gains in a session were the overall market fared stable.

“The Industrial Index softened -0.40% to 193,79 points to complete a five day week of interday losses. Delta eased a minor 0.76% to 129c to emerge as the single heavy cap faller in the session.

Only 5 out of the 10 most capitalised stocks on the ZSE were active and with exception of Delta all traded flat at yesterday prices.

In the broad market 21 counters were active two of which closed firmer while five softened and the remaining 14 were unchanged,” EFE Research said.

EFE research said the mining index remained at two counters out of the four Bindura being the most consistent.

However, Bindura was -4.65% weaker to 8c by close of call as a fair chunk of shares exchanged in the counter weighed on the stock’s depth.

Turnover stood at $0,28 million and the value traded was lower while foreigners retreated spending by 89% to $0,073 million from Thursday’s trade.

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