ZSE shares claw way back to positive territory

Published: 25 July 2013

ZSE shares clawed back from yesterday's losses to close higher on Thursday led by gains in Econet for the mainstream Industrials and Bindura and Hwange for the resources sector.

The Industrials Index gained 0.40 points or 0.18% to 227.50 on gains in Econet whilst other heavyweights Delta and OK Zimbabwe trading unchanged.

Econet advanced 0.50c or 0.75% to 67c in the wake of reports that POTRAZ has launched an investigation into the firm after Telecel Zimbabwe complained about alleged unfair business practices by its rival.

Delta remained stable at 143c after CE Pearson Gowero told an AGM yesterday that total beverages volumes went up 4% while revenue for 1Q14 increased by 8% to $153 million from $142 million despite uneven consumer demand.

OK Zimbabwe also traded unchanged at 28c while Innscor closed sellers only at 115c.

The Minings Index gained 0.57 points or 0.87% to 66.33 points as Bindura gained 0.05c or 2.08% to 2.45c while Hwange picked up 0.10c or 0.57% to 17.6c.

Daily market turnover improved to $1,688 million on a volume of 11.244 million shares against yesterday's $494 535 on a volume of 3.588 million shares.

NTS led the top risers, adding 0.69c or 24.56% to 3.5c while Colcom picked up 2c or 6.71% to 37c and ZPI advanced 0.05c or 4.35% to 1.2c. DZHL traded 1c or 4.17% firmer at 25c.

Fidelity Life added 1c to 13c as MD Simon Chapereka told Zfn that the Fidelity Southview Park development permit has been issued and around breaking ceremony will be held soon. Tender invitations were being finalized and will be issued soon. It is anticipated that the development at the site will start in October 2013.

Other notable risers, Aico Africa added 0.11 c or 1.69% to 6.61c and Astra advanced by 0.10c or 1.67% to 6.1c. Retail counter Edgars advanced 0.10c or 0.77% to 13.1c.

The top loser on the day was Cafca, shedding 5c or 14.29% to 30c amid reports that the firm has proposed duty on cables imports to protect the local industry.

Other top fellers were Star Africa which eased 0.10c or 8.33% to 1.1c and dual listed Old Mutual dropping 5c or 2.13% to 230c. Pearl Properties traded 0.10c or 2.23% weaker at 3c.

Meikles closed buyers only at 31.5c after the firm's hospitality announced that the refurbishment of its hotel's north wing that began last year is now 90% complete and is expected to be operational by the end of August

The Datvest All Share Index recovered 0.34 points or 0.22% to 151.83 while the FBC ZSE-10 Index added 0.18 points or 0.11% to 15729.

The Insurance Index was the best performing sector on the day adding 1.78 points or 1.30% to 139.50 helped by gains in Fidelity Life.

The Dual Listed Index was the worst performing sector on the day after losing 3.04 points or 1.68% to 178.62 dragged down by losses in Old Mutual.
- zfn