Hwange dents miners’ gains on ZSE

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THE Zimbabwe Stock Exchange major indices this week continued on the downward trend with trading plunging into negative zone inspite of the relative positive gains recorded by both the industrials and miners on Monday. The miners, led by heavyweight Bindura and RioZim, on Monday rose 1,85 percent to 194,17 with the former adding 1,2 US cents to 7,2 US cents while the latter closed 5 US cents higher at 145 US cents. These gains were weighed down by poor trading by Hwange which dropped 2 US cents to 63 US cents and Falgold fell 0,86 to 4,2 US cents with the mining index landing at 189,24 points on Tuesday’s trading. The industrial index was at 162 points on Wednesday last week as compared to 161,1 points obtained on Tuesday this week. On Monday, the retail sector triggered its gains by 3,38 percent to 156,2 points after gains by Edgars and OK respectively. OK added 0,5 US cents to 9 US cents on Monday ahead of its finals in June. Among the heavyweights, Seed-Co had pitiable performance as it made a loss of 5 US cents to 130 US cents over two consecutive trading days since Monday. The giant seed company said it had invested about 700 million Malawian kwacha (US$4,6 million) to build a processing plant in Lilongwe said Alec Kasaila, the company spokesman based in Malawi. This, he said, would boost production from 4 000 metric tonnes of maize to 15 000 metric tonnes. On Tuesday trading, Econet lost 7 US cents to 493 US cents while Meikles and Delta dropped 1 US cent and 1,1 US cents to 40 US cents and 80,9 US cents respectively. Delta last week said IT will be commissioning its Graniteside factory in August this year that is set to produce 42 000 new bottles per hour to contain beverage volume recovery which grew by 15 percent last year. Meanwhile, Government has extended the deadline for mining firms to submit their indigenisation plans to June 2. Minister of Youth Development, Indigenisation and Empowerment Saviour Kasukuwere confirmed that most companies had already submitted their recommendations to his ministry and that some had already complied.

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