ZSE weakens further as market waits for direction from budget

via ZSE weakens further as market waits for direction from budget | The Source  December 12, 2013  

Negativity persisted on the equities on Thursday, with the  benchmark index falling by 0.87 points to 208.29 points, as the market awaits for direction from the 2014 national budget.

Analysts say the market needs a lift from the 2014 national budget, especially with policies that would encourage investment in the country and addresses uncertainties on the empowerment laws in the wake of contrasting statements from various government departments.

Finance Minister Patrick Chinamasa is expected to present the budget in Parliament on Thursday, December 19.

The sell-off pressure was mainly in Delta, which came off one cent to 145 cents in trades worth $49 000 and Innscor, which weakened by 0.49 cents to trade at 76.50 cents. Retailer OK Zimbabwe dropped 0.80 cents to 21 cents with very few trades.

Other losses were in Zimplow, which pared 0.20 cents to three cents, hotelier African Sun which dropped 0.10 cents each to 2.70 cents and brick maker Willdale which lost two thirds of its share price to trade at 0.05 cents.

On the upside, the Zimbabwe unit of South Africa cement maker, PPC recovered five cents to 245 cents while NMB traded two cents higher to seven cents. Turnall was 0.50 cents in the positive to close at 5.50 cents while Econet inched up 0.01 cents to trade at 62.01 at cents.

Turnover was a low $465 000.

In minings, the index was 0.90 points lower at 42.87 points after Bindura shed 0.10 cents to 1.90 cents.