ZSE shares open week higher on selected heavyweights

Published: 10 June 2013

ZSE shares reversed last Friday's losses to open the week in the green largely on gains in BAT, Delta, Lafarge and OK Zimbabwe.

The Industrials Index recovered 0.70 points or 0.37% to 189.64 with heavyweight Delta gaining 1c or 0.79% to 127c ahead of the release of its March finals on May 16.

OK Zimbabwe added a marginal 0.01 c to 20c while BAT gained 5c to 755c. The retail counter recently increased its shares in issue to 1.131 bin due to the Employee Share Participation Trust.

Other blue chip counters Innscor traded unchanged 86c while Econet was stable at 61c ahead of its February finals expected anytime soon.

The Minings Index gained a significant 0.98 points or 1.38% to 71.98 as Bindura's bid was raised to 2.9c on reports that gold production at Freda Rebecca Mine rose by 36.8% in the 12 months to March, reflecting minimal impact of a leach tank accident that affected operations late in the year.

RioZim remained stable at 45c after reports that the mining firm will commission a $1 million oxygen plant in the next two months to expand its refinery production.

Total market turnover at the beginning of the week improved considerably to $1.775 million on a volume of 6.370 million shares against Friday's $568 180 on 3.063 million shares. Significant volumes were traded in Econet ($962 806) and CBZ ($419 782).

The top riser on the day was cement manufacturer Lafarge which added 10c or 12.50% to 90c. Bankers CBZ advanced 7.14% to 13.5c ahead of the group's AGM tomorrow.

Ariston closed 0.05c or 4.17% firmer at 1.25c. Edgars and Mash added 0.10c and 0.02c each to 12.1c and 2.52c respectively.

Phoenix closed buyers and sellers only at 0.3c and 0.5c respectively ahead of the group's AGM tomorrow.

Clothing retailer Truworths led the top fallers after easing 1c or 20% to 4c followed by ZBFH which dropped 0.90c or 9% to 9.1c.

TA Holdings traded 8.16% weaker at 9c whilst Fidelity Life dropped 1c or 7.69% to 12c. NicozDiamond recorded a 6.67% loss at 1.4c.

The Datvest All Share Index added 0.49 points or 0.38% to 128.69 while the FBC ZSE-10 Index was 0.33% firmer at 134.47.

Gains in CBZ helped the Allied Bank Banking Index to open the week 1.19% firmer at 72.37 whilst the Manufacturing Index opened 1% better at 235.20.

Losses in Truworths managed to outweigh gains in OK Zimbabwe resulting in the Truworths Retail Index dropping 3.34 points or 125% to 263.64.
- zfn