ZSE: Econet rebounds to break Industrials' 4 day losing streak

Published: 10 June 2013

Econet recovered a significant 4.10c or 6.72% to 65.1c at week's end to snap Industrials 4-day losing streak.

The Industrials Index recovered 2.61 points or 1.41% to 187.82 helped by gains in Econet, DZLH and OK Zmbabwe while the Minings Index remained stable at yesterday's level of 67.23 as Bindura and Falgold traded unchanged at 2c and 15c.

Daily total turnover remained upbeat dosing at $1,994 million on a volume of 6.157 million bolstered by significant trades in Delta, Econet, DZLH, Innscor and OK Zimbabwe.

Weekly turnover eased to $10,732 million on 80.07 million shares compared with last week's $12.30 million on a volume of 44.19 million shares.

DZLH recovered 0.50c to 29c in significant deals worth $200 966 while Delta was stable at 122.5c in trades worth $306 250.

Clothing retailer Edgars added another 0.69c or 6% to 12.19c, its all-time best in the wake of its finals where turnover increased by 18% to $62.5 million from $52.9 million in 2011.

Another retail counter OK Zimbabwe was 1.90c or 10.27% firmer at 20.4c, another record level. Truworths was stable at 4c.

Pioneer topped the day's risers after adding 0.50c or 100% to 0.5c while Phoenix gained 020c or 66.67% to 0.5c.

Trust picked up 0.10c to 0.7c taking its gains since January to a significant 250%. ZBFH was however 1c weaker at 7c, its lowest level in 52 weeks.

Property counter ZPI added 0.04c to 1.25c after MD Edson Muvingi told analysts yesterday the company was now focusing on growing the contribution of projects to total income as rent reviews are now limited.

On the downside Aico Africa continued to sink after dropping a further 0.10c to 4.9c its lowest level in 52 weeks as the group's planned unbundling of subsidiaries remains in the pipeline.

African Sun led the day's falers after losing 0.25c or 16.67% to 1.25c as CEO Shingi Munyeza told the AGM this morning the group had trimmed its revenue forecast for F13 to 8% but maintained EBITDA forecast at 12%.

BAT dropped 5c to 730c but remains 102.8% up since January 1.

The Datvest All Share Index recovered 2.07 points or 1.65% to 127.61 while the FBC ZSE-10 Index also gained 2.81 points or 2.13% to 134.52.

Gains in retail counters Edgars and OK Zimbabwe saw the Truworths Index rise a remarkable 23.03 points or 9.01 % to 278.63, pushing its gains since January to 38.24%.
- zfn