ZSE: Minings wades back into negative territory

Published: 05 June 2013

ZSEs mainstream Industrials stayed in the red on Tuesday as Econet share price continued to sink while Minings waded back into negative territory after posting significant gains yesterday.

The Industrials Index dropped 0.15 points or 0.08% to 188.37 as telecoms giant Econet traded in the red, losing 2c or 3.13% to 62c as the market awaits the counter's February finals. Innscor remained stable at 86c.

Heavyweights OK Zimbabwe gained 0.30c to 18.5c and Delta added 0.98c to 126c.

The Minings Index dropped 2.08 or 2.91% to 69.42 with losses in Falgold and Bindura cancelling out gains in Hwange.

Falgold traded lower at 14c after dropping 2c or 12.50%. Bindura also closed 1.79% weaker at 2.75c.

Coal-mining firm Hwange added 0.20c or 1.56% to 13c amid reports that a major shareholder at Hwange Coal and Gasification Company Chinese businessman Su Longim has filed an urgent High Court chamber application seeking an order to block a planned annual general meeting scheduled for tomorrow.

Total market turnover improved slightly to $830 039on a volume of 2.289 million up from yesterday's $689 079 on a volume of 2.019 million shares.

Fidelity Life led the top risers adding 1c or 8.33% to 13c while Aico Africa advanced 0.50c or 7.14% to 7.5c. Afre traded 0.54c firmer at 11.04c, its best level in 52 weeks. Pearl Properties gained 0.01c or 0.37% to 2.7c.

The top loser on the day was PG Industries which dropped 0.60c or 60% to close at 0.4c. Powerspeed and Tumall eased 0.30c and 1c each to 1.5c and 4.5c respectively.

NicozDiamond was one of the top fallers, shedding 0.10c to 1.3c. Colcom closed 1.89% weaker at 26c while NMB was 0.10c or 0.90% lower at 11c. BAT dropped 1c to 750c.

The Datvest All Share Index was 0.46% weaker at 127.94 while the heavyweight's measure, the FBC ZSE-10 Index dropped 0.57 points or 0.43% to 133.85.

Gains in OK Zimbabwe helped the Truworths Retail Index to rise 3.36 points or 1.29% to 263.11 while the Insurance Index was a significant 3.75% up on gains in Afre and Fidelity Life.
- zfn