[2008-06-11]  ZSE shares fall
ZIMBABWE Stock Exchange shares fell after profit taking weighed on the heavyweights yesterday although trading was mixed.

The stock market also fell on a short-lived bout of profit taking last Thursday as investors took out profits after realising relatively reasonable gains on investments.

At the close of trades, the industrial index lost 8,76 percent to 2 296 907 302 290,39 points. The mining index however gained 6,98 percent to 2 423 419 269 368,75 points after firm trades in Bindura and Hwange.

Stock watchers forecast the market to move further as the rising goods and service prices have worsened the outlook on inflation making equities one of the best investment options in terms of value preservation.

Meanwhile, money market rates remained depressed with short-term rates ranging between 180-200 percent while the surplus position was at $1,2 quadrillion.

Delta lost $601 million to $2,399 billion, Cottco shed $1 billion to $3 billion and Innscor was $700 million down to $3 billion. Old Mutual lost $5 billion to $13 billion while KMAL was steady at $10 billion.

Dairibord was $500 million down to $1,3 billion on reports that the group will soon open a plant in Uganda.

Pearl Properties led the fallers after shedding $130 million or 28 percent to $320 million and PG Industries lost $100 million to $300 million.

Cafca led the risers after gaining $4,4 billion or 733 percent to $5 billion and Chemco rose $4 billion or 200 percent to $6 billion.

CFX rose $4,5 million to $15 million after saying that it would open six branches this year, two in Harare, Gweru, Mutare and Chiredzi with the aim of taking its deposit market share to seven percent.

Edgars was unchanged at $200 million after its interims last week where the group reported revenue of $32,98 trillion up 84 206 percent on last year although the group said this was less than the clothing inflation of the period.

The group said retail sales had been hampered by poor deliveries from suppliers as the industry recovered from price controls although by segment Edgars sales rose 68 204 percent, Express sales were up 100 092 percent and Express Mart grew 173 560 percent.




Source: (C)2008 THE HERALD