The Sunday News
THE temporary suspension of hotel group Meikles from trading on the Zimbabwe Stock Exchange on allegations of overstating the debt it is owed by the Reserve Bank with the intention of manipulating its price on the stock market has raised eyebrows on whether listed companies are presenting their true picture to the public.
Meikles was suspended on Monday.
It reported in its half year financials ended September 2014 that it made a $2,8 million loss but added it was owed about $90 million by the central bank the figure which has come under dispute.
Analysts say listed companies must improve on transparency as required by the ZSE in order to present a true status which will give those interested in the counter a clear picture of the state of the company.
Meanwhile, the Industrial index on Friday dropped 0.42 points (0.25 percent) to close at 168.13 points.
TSL retreated by 1.50 cents to trade at 25 cents and OK Zimbabwe eased 0.80 cents to 13.20 cents.
Delta lost 0.50 cents to trade at 115.50 cents and Padenga slid 0.10 cents to settle at 9.40 cents.
The losses were partially offset by gains in Dairibord Zimbabwe and SeedCo which increased by a cent each to close at nine cents and 105 cents respectively.
Innscor added 0.80 cents to 59.80 cents.
Week on week the industrial index shed 0.23 points (0.14 percent).
The Mining index went down 0.47 points (0.99percent) to close at 47.09 points.
RioZim fell a significant five cents to close at 10 cents. Bindura and Falgold were unchanged at four cents and 2.50 cents respectively. Hwange went up by 0.25 cents to 4.25 cents.
The mining index slipped 11.04 points (18.99 percent) compared to week ending 13 February 2015.
