ZSE:- Industrials stutters in sluggish Monday trades

Published: 10 June 2013

ZSE's Industrials opened the new week in the negative territory weighed down by losses in heavyweight Innscor whist Minings rebounded on gains in Falgold and RioZim.

The Industrials Index eased 0.80 points or 0.44% to 181.15from last Friday's 181.95 while the Minings Index was 5.07 points or 6.55% firmer at 82.50 from 77.43 level on Friday.

Minings pair of Falgold and RioZim helped Minings rebound after adding 1o and 10c each to 17c and 50c respectively.

Turnover eased to $1,156 million on 7.207 million shares from last Friday's $2,146 million on a volume of 4.917 million shares.

Innscor dropped a significant 7c to 85c taking its total market cap to $459.1 million compared with $496.9 million on Friday.

Econet closed little changed after adding a modest 0.01c to 650.01c while Afre was 1c firmer at 9c, just shy of its 10c year high.

Ariston eased 0.05c to 1.05c after CEO Paul Spear told shareholders on Friday that the company's turnover in the 4 months to January increased by 26.9% to $5,051 million following a successful recapitalisation exercise.

OK Zimbabwe added 0.11c to 18.61c while dual listed Old Mutual advanced 0.01c to 187c.

Also trading lower on the day was TA Holdings which dropped 3c to 7c, its lowest level in 52 weeks. Miners Bindura and Hwange were 0.10c and 0.50c each lower at 2.9c and 19c respectively.

Meikles closed buyers and sellers only at 23c and 25c respectively after announcing that group revenues for the 9 months ended 31 December 2012 are up 16% compared with the prior period largely driven by increased volumes and margins.

NMB traded unchanged at 1.2c ahead of its EGM tomorrow to approve the injection of $16 million new capital into the group from offshore investors in exchange for 26.97% stake.

The Datvest All Share Index was 0.67% weaker at 120.99 while the FBC ZSE-10 Index lost 0.91% to 125.94.

- zfn