Volumes remain subdued at the BSE

Letshego is drifting lower (Pic By PrimeTime)

Activity at the local bourse remained subdued with only 9.78 million shares worth P18.9 million traded during the week.

Turnstar was the most active counter with over 4 million shares exchanging hands, followed by Shumba energy and Choppies trading 2mn and 1.9 mn shares respectively. The thin trades and lowered demand continued to impact on the Domestic Company index which lost 0.33% for the week, extending yearly losses to 0.91%.

Chobe Holdings was the sole gainer for the week, edging up by 1 thebe to close at an all time high of P8.11 per share. Year to date the company has earned investors a modest 5.3% in capital appreciation. Turnstar reversed last week’s gains dropping a thebe to close at P3.21 per share. FNBB and Letshego are once again drifting lower on due to the prevailing lack of activity on the local market. FNBB closes the week 4 thebe lower after trading 3,760 shares in 6 trades over the week to close at P2.75. Letshego traded 2 thebe lower to close at P2.24, as the market drifts with no clear direction.

Furnmart was the biggest loser for the week falling 3 thebe lower to its twelve month low of 60 thebe per share. The company’s yearly losses are nearing 15%, and the market seem unconvinced that the company’s turnaround efforts will translate into value. (Motswedi Securities)