Harare — THE reporting season has set some stimulus on the Zimbabwe Stock Exchange, which saw the industrial index ending a six-week slide, pushing 2,1 percent an indication the bourse has some value.

Analysts say investors seem to be adjusting to the indigenisation regulations, as various stakeholders shed more light on their implications.

"As such, we should start seeing volumes slowly recovering to buy cheap counters in this uncertain period," said one stockbroker.

On a year-to-date basis, the industrial index and mining indices have lost lost 12,1 percent and 13,9 percent respectively.

However, the positive gains reversed as the index opened the week lower by 0,34 percent, pulled down by tobacco processor BAT, Natfoods, Old Mutual, Aico Africa, CFI and Innscor. Only six counters traded on the green side led by Seedco, Meikles, Econet and Afdis.

The resources index also ended down 1,08 percent due to Hwange which eased US2 cents to trade at US29c as Falgold remained unchanged at the previous trading day's levels.

Last week a total of US$7,5 million exchanged hands on the bourse as 33 counters recorded gains, 19 traded in the red and 24 counters closed the week at the previous week's levels.

During the period under review, leading the risers were furniture retail group Pelhams that rallied 100 percent at US0,1c. CFX returned to the movers and shakers list after a one-week absence as the banking group pushed their usual 33 percent and traded at US0,04c.

Gulliver, Interfresh and Steelnet followed as they all advanced 25 percent and ended Friday's call trading at US0,5c, US0,5c and US0,25c respectively.

Investors continued to show confidence in Starafrica after their recent US$20 million capital raising initiative as the counter pushed a further 14 percent and ended the week trading at US8,01c.

The firming rand saw giants PPC and Old Mutual coming in among the risers as traders took advantage of the discount that was coming up to over 20 percent in the former and just above 15 percent in the latter.

However, price adjustments in the latter seem to have been precipitated by anticipated good results and news from the analysts' briefing that was held in London over the week.

A US0,45c per share and US0,4c per share dividend in Colcom and Innscor saw them rise 8 percent and 4 percent and closed the week at US28c and US57c respectively.

Afre's US4,2c earnings per share was enough to cause a 5 percent advancement in their price as the counter rose from US8c to US9c.

Good results in Pearl and a promising outlook was generally well received by the market as the property counter added 4 percent on their previous week's price and closed trading at US2,4c.

Leading the shakers for the week was Fidelity that came off 37 percent and was traded US2,2c at Friday's call. Ariston and Phoenix followed after retreating some 30 percent and 26 percent to trade at US0,7c and US2,8c respectively.

The market showed doubts in the recently relisted Meikles and their coterie of board appointments and this saw them shed a significant 20 percent to trade at US32c from US40c in the previous week.

Cigarette manufacturer BAT and mining group RioZim, two of the companies that are perceived to be directly affected by the indigenisation and economic empowerment regulations, continued with their recent fall from favour, dropping 13 percent and 12 percent respectively while the latter is most worrying.

RioZim has already lost 25,8 percent year-to-date.