ZSE Market Report:- Industrials rises as blue chips rebound

Published: 10 June 2013

ZSE's heavily capitalised counters rebounded on Tuesday to help Industrials recover from losses recorded in the past 2 sessbns as buyers trickled back into a few selected counters.

The Industrials Index recovered 1.60 points or 0.88% o 182.75 while the Minings Index eased 1.22 points or 1.48A to 91.95 as Falgold closed sellers only at 18c.

Overall activity was low with just 17 counters recording trades while volumes dropped with total market turnover closing below the psychological $1 million level at $612 852 on 6.040 million shares compared with yesterday's $1,147 million on 7.196 million shares.

Aico Africa led the day's risers after recovering 1c to 9c on the back of planned unbundling of its subsidiaries that will most likely see Cotton Company of Zimbabwe and Olivine Industries to list separately on the ZSE.

Delta gained 0.51c to 123.01c as buyers jostled for about 40 000 shares worth approximately $50 660 that were available.

Econet was 1.99c firmer at 652c, its all- time high in deals worth $114 778. This takes Econet gains since January to 44.9%.

Conglomerate Innscor rebounded 5c to 90c while associate counter Colcom added 0.10c to 26.4c. Dual listed PPC added 5c to 250c after announcing plans to build a $200 million cement manufacturing plant in Harare.

Meikles was 1c firmer at 24c after confirming I has made the necessary applications to the regulatory authorities for possible mining ventures.

Ariston was 0.05c firmer at 1.1 c on the back of reports that the company's turnover in the 4 months to January increased by 26.9% to $5,051 million following a successful recapitalisation exercise.

Retailers were mixed with OK Zimbabwe adding 0.14c to 18.75c while Truworths eased 0.04c to 3.52c in significant trades worth $117 812.

ZBFH added 0.50c to 9c after media reports that Eisha Mushayakarara is set to leave his post as ZB Financial Holdings group CEO after 20 years and will be succeeded by Ronald Mutandagayi, managing director of ZB Bank.

Barclays dropped 0.10c to 2.9c while CFI lost 0.10c to 4c, its lowest level in 52 weeks.

The Datvest All Share Index recovered 0.87% to 122.05 while the blue chips measure, tie FBC ZSE-10 Index was 0.94% up at 127.13.

Gains in Innscor and Meikles helped the Conglomerates Index rise 4.95% to 69.83 while the Truworths Retail Index closed 0.55% firmer at 255.97.
- zfn