ZIMBABWE Stock Exchange indices opened this week weaker, with the mining index remaining at previous levels of 20,16 points.
BY BUSINESS REPORTER
Mining counters that include Bindura, Hwange and Rio Zimbabwe also remained at previous levels during yesterday’s trade.
The industrial index opened the week 98,33 points from 98,35 points recorded last Friday.
Two counters traded in the negative territory, Fidelity Life and Econet and there were no gains recorded in British American Tobacco, PPC, Starafrica and Willdale.
The performance of the local bourse has been depressed and during the first quarter of the year close to $2 billion was wiped annually.
The ZSE closed the first quarter at $2,6 billion and the industrial index went down to 97,17% due to a loss of 0,07% in Delta the biggest bluechip counter on the bourse. The counter’s market capitalisation is around $700 million.
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The mining index remained unchanged at 19,53 points. The ZSE has been depressed because the manufacturing sector has been facing a myriad of challenges that include inadequate working capital, power shortages, low capacity utilisation and competition from regional players that have been lured by the dollarised economy.
The market closed off last year with a turnover of less that $250 million and foreign participation at the bourse have been reduced.
