Market report

Rains bring hope to Zim economy

THE good rains the country has been receiving will definitely bring smiles on farmers’ faces and result in a good yield that will spurt other sectors.

Zimbabwe is historically an agro-based economy and any improvement in the sector will boost other sectors and resultantly the economy.

Meanwhile the Industrial Index closed the week on a high note adding 0.10 points (0,07 percent) to close at 146.21 points. CBZ led the movers with a $0,0025 gain to close at $0,1100; Mashonaland Holdings advanced by $0,0019 to $0,0199 while Masimba was up $0,0010 to trade at $0,0180.

Axia and Dairibord were each $0,0002 firmer at $0,0682 and $0,0502 respectively.

Trading in the negative; Barclays eased $0,0013 to close at $0,0300, Innscor and Meikles both shed $0,0005 to settle at $0,4800 and $0,1195 correspondingly.

Pearl and Starafrica were each $0,0001 lower at $0,0349 and $0,0114 respectively.

Week on week the Industrial index was up 0.86 points (0,59 percent).

The Mining index gained 2.47 points (4,41 percent) to close at 58.51 points after Bindura added $0,0031 to settle at $0,0400. Falgold, Hwange and RioZim remained unchanged at previous trading levels at $0,0060, $0,0300 and $0,3000 in that order.

Week on week mining index was unchanged.

Market was up from 145.27 points at the beginning of the week to close the week at 146.21 points on Friday.

Average daily turnover was approximately $300 000 down from a daily average of a million in December before the Christmas holidays.

The lowest turnover was recorded on Monday at $169 000 while the highest was recorded on Tuesday at $599 000.

Traditionally January is always a quiet month as most decision makers such as Fund managers would still be on holiday or making up their minds on what position they should take on the market.