[2008-08-06]  Stock market loses momentum
THE stock market remained stuck in negative territory yesterday with only three counters recording gains.

At close the industrials index lost 19,95 percent to 14,416.67 points and the minings index fell another 13,72 percent to 15,982.28 points.

Notable heavyweight losses included KMAL, which retreated $20 to $40, Econet shedding $19 to $90, and Innscor, which dropped $7 to $18.

Retailer, OK was unchanged at $1 and Red Star, which recently opened a store in DRC was sellers only at 50 cents.

Retailers have blamed the current price increases on cash shortages saying that suppliers are now using at least three prices for the same product.

NMB shed 20 cents to 50 cents after the group reported its delayed December finals. The group reported net operating income of $6,4 trillion up from $13,37 billion in the comparable period last year.

CFX was down 20 cents to 50 cents after the group said it had already converted customer accounts to reflect the revalued currency.

TA Holdings was down $5 to $45. The group’s Cresta Hospitality terminated its management contract with Royale Accra in Ghana over unpaid management fees and lease agreements disputes.

Cement manufacturer Lafarge’s offer was marked down to $110 after the group said production levels would increase following the refurbishment of its manufacturing plant, which increased capacity to over 90 percent.

There were gains in Border, which added $5 to $85, Tractive up 50 cents to $1,50 and Zimplow 10 cents ahead to 70 cents.
Source: (C)THE HERALD 2008