ZSE:- Industrials halts 2-day slide to post marginal rebound

Published: 10 June 2013

ZSE's Industrials halted a 2-day slide to post a modest rebound at week's end after mixed gains across the board cancelled out losses in blue chips Innscor and OK Zimbabwe.

The Industrials looked firm at the opening of the session rising 0.31% largely on gains in Econet and DZLH only to ease 0.23 percentage points to just 0.08% as Innscor tumbled to 98c.

The Industrials Index thus closed a marginal 0.12 points or 0.07% up at 183.98 while the Minings Index eased 1.07 points or 1.27% to 83.00 as RioZim's bid and offer dropped to 20c and 45c respectively after reports the group has closed its Renco Gold Mine because of operational challenges.

Daily volumes eased with 3.657 million shares worth $1,077 million transacting compared with 9.321 million shares worth $2,716 million that traded yesterday.

Volumes however improved on a week-on-week basis with a total of 39.61 million shares worth $17.10 million passing through the market this week compared with 90.57 million shares worth $11.05 million that traded the whole of last week.

Econet recovered 10.01c to 610.01c a new all-time high ahead of its EGM to approve a 10 for 1 share split at the end of the month.

FBC added 0.46c to 8.45c its 52-week high and just shy of its all-time high of 8.6c set on August 31,2011 after announcing it has terminated negotiations for the disposal of its stake in Turnall. Turnall remained stable at 5c.

DZLH shares hit an all-time high of 26.05c in deals worth $140 073 while Powerspeed was 0.50c or 33.33% higher at 2c, its best level in 52 weeks.

Dual listed counter Old Mutual picked up 0.50c to 185c, its all-time best level, first set on November 24, 2009.

Delta was unchanged at 125c in deals worth $140 073 while Innscor eased 1.95c to 98c and remains sellers only at the same price mainly on profit taking. Natfoods however added 1 c to 142c.

NMB continued to firm after adding 0.12c or 10.81% to 1.23c in the wake of news that the group had secured foreign partners to shore up its capital levels and the subsequent granting of full fungibility status for 40% of its shares.

OK Zimbabwe eased 0.61 c to 18.5c while PG Industries led the day's falling counters after shedding 0.20c or 40% to 0.3c.

The Datvest All Share Index recovered 0.14 points or 0.11% to 122.15 while the FBC ZSE-10 Index was a modest 0.03% up at 126.83 as a result of losses in Innscor and OK Zimbabwe.
- zfn