ZSE Market Report:- Industrials logs 10-day rising streak

Published: 10 June 2013

The rising momentum on the ZSE continued on Wednesday with the Industrials rising for the 10th successive session amid improving volumes.

The Industrials Index added1.20 points or 0.75% to 161.85 taking its gains this year to date to 6.20% while the Minings Index was 0.89 points or 1.23% up at 73.14 as its gains since January 1 improved to 12.32%.

Total market turnover surpassed Friday's 2013 record level of $3,273 million to end at $3,367 million on a volume of 4.674 million shares and was up from yesterday's $1,710 million on a volume of 7.542 million shares.

Heavyweights Econet and Innscor traded in the positive territory while at the same time commanding the bulk of the value traded on the day.

Econet advanced 20.90c to 506.01c, its best level in 52 weeks; in deals worth $1.170 million after reports yesterday the telecoms company's Buddie Zone service had seen the number of subscribers reaching 8 million for the first time. At 506.01c Econet price is still 8.83% from the record 555c reached on October 21, 2009.

Innscor was 1.09c firmer at 78.1c in significant trades worth $1,329 million as investors continue to brush aside governments 7-day ultimatum for the company to comply with the Indigenisation Act.

SeedCo shares added 3.01 c to 77.01c on deals worth $184 811 while Afre was 0.20c firmer at 5.2c. Tourism counter African Sun was 0.03c up at 0.88c as the UNWTO team currently in the country has expressed satisfaction with preparations tor the hosting the 20th session of the UNWTO general assembly slated for the Victoria Falls in August.

Retail counters were mixed with Edgars topping the clay's risers after picking up 0.50c to 8.5c while OK Zimbabwe and Truworths were the only counters to trade lower on the day, down 0.25c and 0.10c each to 15.6c and 2.5c respectively.

Bindura was the only counter to trade in the extractive sector rising 0.10c to 2c after reports the nickel miner will resume milling operations early next month, paving the way for concentrate exports.

Delta was unchanged at 108.07c in deals worth $473 036 while Meikles remained stable at 24c in the wake of reports that the conglomerate had partnered ZMDC in mining diamonds in Chiadzwa.

The benchmark Datvest All Share Index added 1.10 points or 1.04% to 107.18 while the heavyweights' measure, the FBC ZSE-10 Index was 1.30% firmer at 109.84.

The Retail Index was the only sector to record losses on the Zfn board after shedding 1.66 points or 0.79% to 208.62.

- zfn