ZSE Market Report:- Innscor snaps Industrials' 3 day rising streak

Published: 10 June 2013

There were only 3 counters to trade lower on Friday but Innscor's 5% fall managed to cancel out gains in 10 other counters including another heavyweight Econet, snapping the Industrials' 3 day rising streak.

The Industrials Index dropped 0.41 points or0.22% to 186.60 while the Minings Index remained stable at 80.48 after RioZim closed unchanged at 50c.

Significant deals were recorded in Delta and Econet pushing the daily market turnover to $2,918 million on a volume of 5.212 million shares.

Weekly volumes eased with turnover dropping to $8,231 million on a volume of 37.35 million shares compared with $10.30 million on a volume of about 52 million shares that traded last week.

Innscor dropped a significant 5.01c or 5.01% to 94.99c in paltry trades worth just $333 wiping off about $27 million from its market cap which closed at $513.06 million from yesterday's $540.12 million. Dual listed PPC eased 10c to 250c.

Leading the fellers was Zimplow which lost a significant 2.80c or 52.83% to 2.5c, halving its market cap to $14.01 million from $29.70 million yesterday. The Bulawayo company published a profit warning statement saying financials for the period to December 31 2012 will be below those achieved in the corresponding period.

On the upside, Econet continued to tread new heights after adding 14.98c to 675c in deals worth $1.057 million on the back of the integration of its mobile money transfer platform, EcoCash, with Stanbic's banking system. Econet has now done 50% since January 1.

BAT also scaled new heights after rising 25c to 575c while CBZ added 0.02c to 11.53c ahead of its finals and analysts briefing next Tuesday.

Delta remained stable at 125c in notable trades worth $1.711 million while associate Afdis picked up 2c to close at 17c. TA Holdings picked up another 1.49c to 9.49c.

Trust was 0.15c or 48.39% firmer at 0.46c after publishing a cautionary saying the company is currently engaged in discussions which, if successfully concluded, may have a material effect on the price of the company's shares.

Retail counter OK Zimbabwe recovered 0.35c to 19.1 c while clothing retailer Truworths was 0.08c firmer at 3.6c. Interfresh added 0.03c or 20% to 0.18 c.

The Datvest All Share Index was 0.02% weaker at 124.79 while the heavyweight's measure added 0.18% to 131.16 as gains in BAT, Econet and OK Zimbabwe outweighed losses in Innscor.

The Truworths Retail Index led the rising indices on the Zfh board after adding 4.18 points or 1.63% to 261.64 while Innscor's loss weighed heavily on the Conglomerates Index which dropped 3.61% to 73.78.
- zfn