ZSE:- Industrials rebounds on gains in Econet

Published: 10 June 2013

Industrials rebounded on Thursday largely on gains in telecoms counter Econet as most heavyweights traded unchanged in a session where only 3 counters managed losses.

Daily market turnover improved to $4,408 million buoyed by a special bargain of 500 000 Econet shares pushed through by brokers MMC Capital at 650c.

The Industrials Index recovered 0.36 points or 020% to 182.40 while the Minings Index eased 0.89 points or 1.11% to 7926 as Bindura lost 0.10c to 3a

Econet advanced 8.81c to 650.01 c, its all-time high ahead of its EGM to approve a 10 for 1 share split at the end of this month. In other news Econet recently appointed a South African, Kwanele Ngwenya, as TN Bank CEO.

NMB was 0.05c firmer at 1.2c after CEO James Mushore told analysts that the banking group will raise $50 new lines of credit for deploying in areas such as mining and agriculture after securing $16 million new capital from offshore investors.

RTG led the day's risers after gaining 0.20c to 1.5c amid reports that the group's single largest shareholder Nicholas van Hoogstraten did not back RTG's recent $4.5 million rights offer as he wanted a forensic audit undertaken and criminal proceedings brought against the former board and senior management if they were found guilty.

PPC was 12c firmer at 240c in the wake of reports that the cement manufacturing company is planning to build a $200 million cement plant in Harare that will cater for Zimbabwe and the central Mozambican market.

Clothing retailer Edgars advanced 0.10c to 11.1c while Truworths was 0.26c firmer at 3.51c

On the downside African Sun led the falling counters after dropping 0.15c to 1.25c while Aico Africa was 1c or 10% weaker at 9c.

Heavyweights Delta and Innscor traded unchanged at 122.5c and 92c respectively. DZLH, which has been trading meaningful volumes over the past few weeks, remained unchanged at 27c.

The Datvest All Share Index recovered 029% to 121.91 while the heavyweights measure, the FBC ZSE-10 Index was 0.37% up to 127.07.

Gains in NMB helped the Allied Bank Banking Index to gain 027 points or 0.42% to 64.80 while the Truworths Retail Index was 0.53% firmer at 253.47 on gains in Edgars and Truworths.
- zfn