ZSE:- Delta, Innscor snap Industrials' 4-day rising streak

Published: 10 June 2013

A raft of selling pressure in Econet and market reaction to Innscor's below expectations December interims saw the Industrials snap its 4-consecutive day rising streak in Thursday's trades.

The Industrials Index dropped 0.76 points or 0.40% to 189.85 while the Minings Index recovered 1.96 points or 2.88% to 70.08 on the back of a 5c recovery in RioZim to 50c.

Volumes remained reasonable with 12.32 million shares worth $2,124 million trading on the day compared with yesterday's 11.01 million shares worth $5,340 million that traded yesterday.

Selling pressure in Econet saw the price fa ling by 3c to 73.99c in deals worth $460 988. At its best Econet traded at 77c.

Innscor dropped a significant 4.47c to 90.03c after publishing its December interims today where revenue of $337.8 million was lower than $345 million the market had projected. An interim dividend of 0.80c was also declared up from 0.75c in the corresponding period.

Innscor's associate companies Colcom remained stable at 25c while Natfoods was buyers only at 143c after releasing December interims today. Colcom profits eased to $1,174 million compared with $2,659 million in the corresponding period while Natfoods' attributable profits surged to $7,643 million from $3,604 million with an interim dividend of 3c being declared, up from 1.2c.

Losses in Econet and Innscor managed to cancel out gains in Delta and Old Mutual which advanced 2.10c and 5c each to 120.1 c and 215c respectively.

PPC was also 10c weaker at 270c despite reports that the group had secured $200 million to build a second plant in Mount Darwin.

BAT advanced 4.99c to another record high of 730c taking its gains since January to 102.8c. CBZ was 1c firmer at 15c while TSL advanced 0.20c to 19.2c.

Astra, which is reportedly set to be controlled by a consortium of local Indian investors led by Equivest Asset Management, recovered 0.15c to 5.75c.

The benchmark Datvest All Share Index stayed in the red after losing 0.71% to 127,54 while the FBC ZSE-10 Index was 1.07% weaker at 133.71.
- zfn