ZSE:- Industrials trips again as profit taking extends to mid-cap stocks

Published: 10 June 2013

ZSE shares dwindled on Tuesday as investors continued to cash-in on gains made in heavily capitalised counters and mid-cap counters which have had a fairly good performance since January.

The Industrials Index dropped 0.78 points or 0.43% to 182.33 whilst the Minings Index lost 2.85 points or 3.43% to 80.15.

Fallers on the day outnumbered risers by 14 to just 6 while 21 out of the 41 counters that traded remained unchanged at previous levels.

BAT and Econet traded at their all-time highs of 505c and 620.01c respectively but failed to cancel out losses across the board.

Total daily transaction value remained above the psychological $1 million level closing at $1,166 million for a volume of 20.83 million shares.

Delta lost another 0.48c to 124.5c while food giant Innscor had buyers and sellers lower at 85c and 92c respectively.

MedTech led the fallers after losing 0.15c or 75% to 0.05c largely correcting its inconspicuous price of 0.2c. African Sun eased 0.01c to 1.4c while CBZ was 0.50c weaker at 11c.

Other notable counters to trade lower were Lifestyle which lost 0.20c to 0.4c, Pelhams 0.10c weaker at 0.2c and PG Industries which dropped 0.10c to 0.2c. Powerspeed also eased 0.50c to 1.5c.

In Minings, Bindura was 0.10c lower at 3.1c while Hwange remained unchanged at 19.5c. RioZim was bid and offered lower at 30c and 40c respectively after the High Court yesterday ordered Tourism minister Walter Mzembi, his personal assistant Obediah Mazombwe and Chivi South legislator Ivene Dzingirai to vacate Renco Mine and not interfere with its operations with immediate effect

The Datvest All Share Index remained in the red shedding 0.15% to 121.63 while the heavyweights measure, the FBC ZSE-10 Index rebounded by 027% to 126.56.

- zfn