ZSE:- Industrials stutters as key blue chips weaken

Published: 10 June 2013

Industrials stuttered on Tuesday after giving in to losses in heavyweights Econet, Innscor and OK Zimbabwe while Delta closed unchanged after publishing a full year trading update.

Minings however managed to close in the positive after Hwange recovered 0.50c to 12.8c but remains 24.7% in the red on a year to date basis.

The Industrials Index closed dropped 0.40 or 0.21% to 188.03 points as Econet and Innscor eased 0.99c and 0.20c each at 65c and 86c respectively. OK Zimbabwe closed 10c weaker at 18c.

Delta traded unchanged at 125c after publishing its full year trading update saying total beverage volumes closed the year flat on prior year as the growth in Lager beer, sparkling beverages and maheu was offset by the decline in sorghum beer. The group's overall financial performance for the year is in line with expectations.

The Minings Index gained 0.61 or 0.93% to 66.36 points with Hwange trading as one of the top gainers for the day adding 4.07% or 0.50c to 12.8c whilst Bindura closed unchanged at 2.8c.

RioZim remained stable at 45c after CEO Ashton Ndlovu told an analyst briefing last Friday that the mining firm is expecting revenues of $185 million in the year 2013 compared with $72 million last year whilst EBITDA is expected to be at $23 million compared with $7 million in 2012.

Total market turnover dropped sightly to $1,549 million from yesterday's $1,586 million with a volume of 25.28 million shares passing through the market after a remarkable 21.04 million shares book over in Art at 0.6c.

Hunyani led the top risers for the day adding 0.50c or 16.67% to close at 3.5c. Turnall advanced 0.50c to 5.5c.

Other risers for the day were African Sun and Masimba which added 7.14% and 6.76% each to dose at 1.5c and 3c respectively. Colcom advanced 1.92% to 26.5c while DZLH closed 0.51 c stronger at 27.51c.

Cement manufacturer PPC recorded a marginal increase of 0.60c or 0.30% to trade at 200.6c. TSL gained 0.50c to 18.5 and Ariston added 0.03 or 2.61% to 1.18c.

Transport and logistics group Pioneer was sellers only at 1.5c after posting financials showing an after-tax-loss of $562 000 for the year ended December 31 2012 against a $291 000 profit recorded in the prior year on the back of rising operating costs.

Top faller on the market was Fidelity Life shedding 0.50c or 3.85c to 12.50c whilst Star Africa dropped 0.04c or 2.29% to 1.71c.

Bankers Barclays and FBC eased 0.01c and 0.20c each to trade at 3c and 7.8c respectively.

The Datvest All Share Index dropped 022 points or 0.17% to 128.26 while the FBC ZSE-10 Index eased 0.60 points or 0.44% to 135.26.

Gains in African Sun helped the Tourism Index to close 0.49 points or 0.49% firmer at 1928 but the sector remains 35.36% down since January and 22.43% in the red on a year earlier.
- zfn