Zimbabwe: Equities Decline for Fourth Consecutive Time

Source from:  The Herald (Harare) 16 January 2008 01/17/2008

Equties fell for the fourth consecutive time after further losses in heavyweight counters, including a 25 percent fall in newly-listed Kingdom Meikles Africa. At the close of trades yesterday, the industrials index - weighed down by profit taking - was down almost 6 percent to 2 287 301 786,69 points. The minings index shed 1,32 percent to 2 168 988 714.11 points after losses in Bindura and Hwange, which fell $500 000 and $200 000 to $8million and $3 million, respectively. KMAL was $5 million down, back to the old $15 million price after its listing Monday. The group said that it would remain focused on its goal of listing on the New York Stock Exchange and would raise nearly US$1 billion in London. Delta slid a further $300 000 to $1,6 million as did PPC after falling$2 million to $35 million. Old Mutual was steady at $20 million while CBZ was unchanged at $1 million on reports that Renaissance Capital is eyeing a 15 percent stake in the group held by the Libyan Arab Bank. CFX was $5 000 ahead to $40 000 and Hunyani traded unchanged at $300 000 after its financials last week. The group reported a 36 444 percent in earnings attributable at $937 billion although volumes had declined 18 percent against the comparable period. Domestic volumes came down 24 percent while exports fell 9 percent as a result of a low tobacco crop in Malawi. Chemco's offer remained at $250 000. Econet was down $1 million to $9 million. The group is reported to be seeking substantial shareholding in exporting firms as it seeks to raise foreign currency for its network expansion programmes. Zimre gained $25 000 to $425 000. The group will open three more subsidiaries in the first half of the year in the region following the successes of its Mozambican branch, which has so far written business in excess of US$700 000. Dairibord led the fallers after losing $400 000 to $1 million although there have flashes of dairy stocks in most outlets. Hotel group RTG was the top riser after gaining $90 000 to $500 000. Enditem