[2008-01-28]  ZSE shares close turbulent week in doldrums
ZSE shares closed a turbulent week in the doldrums on the back of losses in Kingdom Meikles Africa and second tier counters.

At the close of Friday's trades, the industrial index lost 3,39 percent to1 781 669 700,53 largely as a result of the firming money market rates after the Reserve Bank increased unsecured rates to 1 500 percent.

The mining index fell 8,13 percent to 1 678 844 861,85 points driven mainly by a 20 percent or $5 million dollar fall in RioZim at $20 million.

KMAL lost $1,7 million to $14 million.

Cottco led the few risers after gaining $500 000 or 38 percent to $1,8 million. CFI, which will soon have a 5 for 1 share consolidation, picked up $4 000 to $225 000.

TSL added $10 000 to $400 000. The group is hugely undervalued against its subsidiaries Hunyani and Chemco.

Hunyani dropped $100 0000 to $180 000 to lead the fallers and Chemco lost $1 million to $14 million.

Most heavyweights traded unchanged with signs that the market is likely to pick up at the start of this week. Old Mutual was at $15,5 million, PPC at $30 million and Delta at $1,5 million.

Banking stocks CBZ dropped $100 000 to $600 000, NMB fell $40 000 to $70 000 and Barclays was steady at $400 000. Banks have been given up to this week to clear the banking stocks.

Willdale lost $2 000 to $38 000.

Tractive Power Holdings remained offers only at $180 000.

Group chairman Mr Richard Wilde told the annual general meeting that its farming implements division Farmec had benefited from RBZ’s Farm Mechanisation scheme leading the group to a significant 165 275 percent increase in group revenues in the three months to November on the corresponding period in 2006.

Astra was also sellers only at $170 000 and Cairns was unchanged at $200 000.

Source: (C)2008 The Herald ltd.