ZSE Industrials sink to more than 1-year low

ZSE Industrials sink to more than 1-year low
Published: 14 April 2014
ZSE's Industrials Index plunged to its lowest level since January 2013 on Monday as heavyweight counters continue to trade southwards but daily market turnover stayed above the psychological $1 million level.

The Industrials Index closed 1.31 points or 0.76% weaker at 171.28, more than one-year low as heavyweights Econet, Hippo, Innscor, OK Zimbabwe and SeedCo traded on the downside with only three counters closing in the green.

Heavyweight Hippo closed amongst the day's top 5 fallers, easing 4c or 6.15% to 61c while Econet dropped 0.50c or 0.81% to 61c amid reports that the telecoms giant is seeking a local partner to resume its mobile-based insurance service, EcoLife.

Innscor and OK Zimbabwe dropped 0.20c and 1c each to 62c and 18c respectively. Another blue chip Delta closed unchanged at 110c and is close to reach its lowest level in a year of 104.9c. SeedCo was the other loser on the market, dropping 2c or 2.60% to 75c.

The Minings Index remained stable at 28.82 with no activity recorded by the mining counters.

There was a slight increase in the daily market turnover to S1.784 million on a volume of 6.318 million shares against Friday's $1,240 million on 163.66 million shares.

Bankers ABC led the top risers, adding 27c or 62.79% to 70c in the wake of the Atlas Mara Co-N vest transaction which has secured agreements to acquire at least 50.1% of the issued shares in ABC at a price per share of 82c

Dawn gained 8% to 0.81c while clothing retailer Edgars advanced 0.60c or 4.80% to 13.10c.

Ariston closed buyers and sellers only at 0.9c and 1.1c respectively following reports that the agro-concern has invested $1.5 million in upgrading its orchard farm implements as part of measures to boost production and meet high demand for fruits.

The top faller was FML, shedding 1c or 12.50% to 7c while Mash dropped 0.20c or 8.70% to 2.10c. Zlmplow Holdings closed 8% weaker at 2.30c and Fidelity Life eased 0.50c or 6.67% to 7c.

CFI closed buyers only at 2.2c after reports that the firm has signed a memorandum of understanding (Moll) with banks providing a framework to be used in a land for debt swap deal as the agro-industrial concern moves to reduce its short term borrowings.

The Datvest All Share Index however scratched out 0.72 points or 0.61% gain to 117.13 while the heavyweight's measure dropped 1.04 points or 0.85% to 121.69 as 5 out of 10 blue chips closed in the red.

A 62.79% rise in ABC helped the Allied Bank Banking Index to a significant 12.09 points or 16.96% to 83.40.

- zfn

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