ZSE:- Industrials ends lower as Econet shareholders approve share split

Published: 10 June 2013

ZSE's Industrials continued to sink on Wednesday after Delta lost another 5% to 114c while overall activity improved with a total of 46 counters recording trades compared with just 26 yesterday.

The Industrials Index dropped 1.56 points or 0.84% to 183.81 while the Minings Index was dropped a massive 4.90 points or 6.16% to 74.67 following losses in Falgold, down 3c to 13c and Hwange which lost 3c to 16c.

Total market turnover closed above the psychological $1 million level at $1,565 million on 9.692 million shares compared with $467 281 on a volume of 2.319 million shares that traded yesterday.

Delta lost 6c to 114c tripping its year to date gains to just 14% and total market cap to $1,371 billion from $1,443 bin yesterday.

BAT however, added a massive 75.01 c or 12% to 700.01 c to take its gains since January to 94.4% while Econet surpassed the $7 mark to close at 710c after adding 19.97c ahead of its EGM to approve a 10 for 1 share split tomorrow.

Innscor added another 1c to 93c while dual listed counters Old Mutual and PPC advanced 0.99c and 10c each to 190c and 260c respectively.

SeedCo, which published a profit warning statement lost 8c to 62c while parent company Aico Africa, trading under its unbundling cautionary, was 0.50c weaker at 8.5c.

Meikles was 1c weaker at 23c while Interfresh led the fallers after losing 0.04c to 0.14c.

CBZ advanced 0.35c to 12.36c after reporting a 48% increase in profit after tax to $45 million in 12 months to December 2012 where a final dividend of 0.172c was proposed.

TSL added 0.50c to another all-time high of 17.5c after reports that $15.4 million worth of tobacco has been sold in the auction and contract systems since the opening of the 2013 tobacco selling season two weeks ago.

Major indices on the Zfh board remained in the red with the benchmark Datvest All Share Index losing 0.79 points or 0.64% to 123.52 while the heavyweights measure the FBC ZSE-10 Index was 0.75% weaker at 129.23.

Losses in Aico Africa and SeedCo weighed heavily on the Agri-Industrial Index which lost 2.82 points or 3.49% to 78.05. The Dual Listed Index was however 2.28 points or 1.45% firmer at 159.30 following gains in Old Mutual and PPC.

- zfn