ZSE Market Report:- Industrials rebounds at week's end

Published: 10 June 2013

ZSE's Industrials were back in the positive territory on Friday after gains in Delta managed to cancel out losses in Econet and Innscor.

The Industrials Index added 1.11 points or 0.58% to 190.96 while the Minings Index remained stable at 70.08.

The total market turnover dosed the week lower at $676 774 on 5.139 million shares from yesterday's 1223 million shares worth $2.019 million that traded yesterday.

Weekly turnover however improved to $12.30 million on a volume of 44.19 million shares from $7,954 million on 32.46 million shares that traded last week.

Heavyweight Delta added 0.90c or 0.75% to 121c while Econet and Innscor were amongst the top fellers of the day easing 0.99c and 0.03c each to 73c and 90c respectively.

Pearl Properties led the top risers for the day adding 0.30c or 11.11% to dose at 3c while African Sun advanced 7.69% to 1.4c while Natfoods was 4.90% firmer at 150c, its all-time high following upbeat December interims published yesterday where an interim dividend of 3c was declared.

In the banking sector CBZ advanced by 10% or 1.50c to dose at an all-time high of 16.5c while ABC was 1c better at 46c in the wake of RBZ governor pronouncements that the deadline for commercial banks to reach the $100 million capital thresholds has been extended to 2020 from 2014. FBC, NMB and Barclays remained stable at 8c and 3.4c respectively.

Other counters to trade in the positive were Hippo which added 4.62% or 6c to a new record level of 136c whilst Ariston gained 0.05c to 1.15c. Dawn was 0.03c firmer at 0.9c, its best level in 52 weeks.

Meanwhile, Old Mutual added 5c or 2.33% to another record of 220c after publishing preliminary results for the year ended December 31 2012 where a final dividend of 5.25p was declared.

Zimplow closed buyers and sellers only at 3.5c and 5c respectively after releasing December finals yesterday where group CEO Zondi Kumwenda told analysts that the group is targeting turnover of $100 million by 2015. Zimplow Holdings new shares commence trading on the ZSE on Monday.

Aico Africa led the losing counters on the day after dropping 1c or 12.50% to 7c, its lowest level in 52 weeks. This follows the publishing of a profit warning statement by the firm saying full year results for the group will be much lower than last year as the group has encountered a very difficult year punctuated by various challenge across the group.

SeedCo remained stable at 70c as the company experienced a significant downturn in volumes, particularly in Zimbabwe resulting in lower revenue and gross margin values.

Astra dropped 0.15c or 2.61% to 5.6c while TSL eased 1.20c or 6.25% at 18c.

The Datvest All-Share Index rebounded 0.44 points or 0.35% to 127.98 while the FBC ZSE-10 Index was 0.48 points or 0.36% firmer at 134.19.

Gains in CBZ and ABC helped the Allied Bank Banking Index to rise by 3.43% to 70.69 while the Property Index was 3.68% firmer at 106.03 following gains in Pearl and Dawn Properties.
- zfn