[2008-01-30]  Stock market starts week stuck in red
THE stock market remained stuck in red at week opening although volumes were thin as investors opted for the better yielding money market.

Short-term rates are ranging from 350 to 600 percent (depending on how illiquid the dealers are).

The industrial index lost a further 12,54 percent to 1 560 844 179,17 points and the minings index was down 10,96 percent to 1 494 895 029,98 points on the back of losses in Bindura, Falgold and RioZim

Banking counters traded negatively ahead of the deadline to address the cash crisis this week. Banks are reported to be in dire straits after failing to pay statutory reserves to the RBZ last week.

Barclays, which was the only bank to receive unsecured loans lost $50 000 to $350 000. CBZ was $100 000 lower to $500 000.

Its chief executive Mr Nyasha Makuvise has been given a key position in the new Ziscosteel board of directors. CFX fell $10 000 or 33 percent to $20 000 and NMB lost $20 000 to $50 000.

KMAL fell $3 million to $11 million taking its market’s worth down to $2 611 trillion. PPC shed $2 million to $28 million and Delta lost $500 000 to $1 million

Tractive Power was sellers only at $180 000. Chairman of the group Mr Richard Wilde told the annual general meeting that its farming implements division Farmec had benefited from the RBZ’s Farm Mechanisation scheme.

As a result the group reported a significant 165 275 percent increase in revenue in the three months to November on the corresponding period in 2006.

Astra shed $20 000 to $150 000 and Cairns was steady at $200 000.

CFI, which will soon have a 5 for 1 share consolidation, was down $25 000 to $220 000. Cottco lost $400 000 to $1,4 million.




Source: (C)2008 The Herald ltd.