Published by the government of Zimbabwe
27 March 2008
Harare — The stock market slipped further yesterday on the back of firming money market rates after the central bank raised secured and non-secured lending rates.
Money market dealers were quoting between 120-150 percent for short term paper and between 160-220 percent for 30, 60 and 90 papers. At the start of trading on Tuesday, the bourse had weakened following Government's initiative to crack down on illegal price increases and threats to foreign-owned companies.
At close, the industrial index lost 5,4 percent to 10 754 948 055,21 points and the minings index fell 15,01 percent to 6 624 814 358,69 points after losses in Bindura and Falgold. KMAL was $5 million lower to $50 million after its 2 007 full year results. The group reported pretax profit of $275,6 trillion against the comparable figure in the year ago period of $1,31 trillion. Delta was unchanged at $13 million as was Old Mutual at $100 million. For banks CFX was down $15 000 to $35 000 ahead of its December full year financials and CBZ, which reported its finals, was $200 000 down to $2,8 million. CBZ reported a 343 394 percent increase in non-interest income leading to a 189 576 percent increase in bottomline profit in the year to December.
NicozDiamond pared $50 000 to $280 000. The short-term insurer said attributable profit in the 2 months to February is double what the group achieved for the whole of last year. Afre dropped $800 000 to $2,5 million with the group saying its results in the 2 months to February 29 had dwarfed the year to December, with premium income exceeding the annual figure by more than 8 times, while investment income was nearly 6 times ahead.
Starafrica and ZPI led the fallers after falling $1,05 million and $150 000 (or 30 percent) to $2, 45 million and $350 000. There were gains in Dawn, which led the risers after gaining $300 000 to $1,3 million. Pearl Properties rose $100 000 to $2 million after its earnings for last year were boosted by fair value adjustments, which made up 99 percent of earnings.
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