In Zimbabwe the Industrial index edged higher by 0.3% to end the week at 140.43. YTD the market is 3.7% lower and 16.5% off its 12 month high. On the positive side this week, the Insurance sector climbed 12.2%, Banks rose 3.4% and Industrials gained 0.7%. Capping the market’s gains were the Property (-5.9%) and Telecoms (-3.8%) sectors. Value traded for the week was about half of normal levels at USD 3.5m.

The top five traders for the week were Delta Corp Zimbabwe (flat), Hippo Valley Estates (flat), OK Zimbabwe (+5.3%), CBZ Bank (+15.0%) and Econet Wireless (-3.8%). The five most significant gainers over the week were Radar Holdings (+87.5%), African Sun (+40.0%), TA Holdings (+20.8%), Falcon Gold (+16.7%), and Pioneer Corp Africa (+16.7%). On the negative side was Colcom Holdings (-18.9%), Mashonaland Holdings (-15.8%), Truworths Zimbabwe (-11.1%), NMBZ Holdings (-9.1%), and ABCH (Zimbabwe) (-6.3%).

In company news calls are intensifying for AirZim to be privatised as a way to salvage the airline operator. Workers at the company have been protesting the company’s inability to pay salaries for the past seven months.

In economic news Zimbabwe has reported it exported 144m kg of flue-cured tobacco valued at USD 303.1m in 2011. In 2010 USD 250m worth of tobacco was exported. The main destination for tobacco in 2011 was the Far East, accounting for 45% of the exports.

India has offered Zimbabwe USD 100m credit line to improve healthcare infrastructure. It is anticipated that Indian professionals would assist Zimbabwe in deploying the money.

By Business Reporter