ZSE:- Industrials rally slows as turnover tops $4.9 million

Published: 10 June 2013

ZSE's Industrials upbeat momentum built up since' January 3 slowed on Tuesday with most heavyweight counters trading unchanged from previous levels but volumes improved as daily total market turnover rose to $4,859 million, its best level so far in 2013.

The Industrials Index added a modest 0.19 points or 0.10% to 164.75 while the Minings Index remained stable at 84.07.

African Sun led the day's risers after adding 0.20c or 20% to 1.2c amid expectations the hotels group has turned the comer and has now firmly returned to profitability.

Bankers CBZ added 0.39c to 11.5c on a significant volume of over 5 million shares worth $575 073 after reports that the bank had achieved the RBZ's $100 million capitafisation requirement way ahead of a December 2014 deadline said to be nearly $112 million. CBZ is due to present its December finals at the end of this month.

NMB added a marginal 0.01c to 1.01c in the wake of reports that the group had secured 3 foreign investors and was also granted of full fungibility status. Star Africa, which is trading under cautionary added 0.10c to 1.5c.

OK Zimbabwe advanced 1.09c to its all-time high of 19.1c while Colcom and Natfoods added 0.50c and 0.89c each to 26c and 141c respectively.

Masimba had its bid improved to 2c from 1c while sellers are still stuck at 3c. The counter is still to register any trades since changing its name to Masimba Holdings from M&R.

Heavyweight counter Delta recovered 0.03c to 125c and accounted for the bulk of total value traded as more than 2 million shares worth $2.708 million changed hands.

Other blue chips Econet and Innscor remained unchanged at 610c and 103c each in deals worth $815 704 and $452 474 respectively.

Only 5 counters were trading on the downside with Zimplow leading the pack after losing 1c to 5c as the group is finalising taking over Tractive Power Holdings.

Astra eased 0.50c to 5c after issuing a cautionary statement, believed to be linked to the disposal of RBZ's stake in the group, saying discussions are taking place that may result in a transaction that may have a material impact on the value of the company's shares.

Old Mutual eased 1c to 181c but PPC was bid higher at 220c with no trades being recorded. Meikles dropped another 0.50c to 21.5c.

Gains in African Sun and OK Zimbabwe helped the Tourism Index and the Truworths Retail Index record significant gains on the Zfn board, rising 5.60% and 4.92% each to 19.92 and 256.62 respectively.

Meanwhile Kingdom Stockbrokers did not partake in today and yesterday's trading sessions amid unconfirmed reports alleging that the firm could have closed shop after falling out with the holding company.
- zfn