23 March 2017
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The market capped the penultimate week of the month in the red amidst mixed trading on the bourse. The mixed trades on the market come in the wake of the ongoing reporting season with various companies releasing numbers. Meanwhile, the tobacco selling season entered its second week with expectations remaining high for an improved output in agriculture after received good high amounts of rainfall in the ongoing faming season. Tobacco sales along with expected cut on the food import bill are tipped to ease the country’s balance of payments situation and reduce the foreign payments backlog that central bank pegged at $350m in recent reports. The benchmark Industrial Index closed the week 0.28% softer after a series of mixed trades and ended at 137.08pts though pockets of demand continued to emerge in selected stocks. The resources stocks remain short of decent volumes but managed to scrap a marginal 0.07% gain which lifted the index to 53.63pts.
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