ZSE: Industrials snaps 6-day rising streak at week's opening

Published: 10 June 2013

ZSE shares opened the week lower as Industrials snapped a 6-day rising streak after giving in to losses in Econet and Innscor while Minings were dragged down by Bindura's loss.

The Industrials Index dropped 0.13 points or 0.06% to 204.61 as heavyweight Innscor traded 0.13c or 0.12% weaker at 93c amid reports that the firm is likely to be penalised by the Competition and Tariff Commission over allegations that it did not follow proper regulatory procedures in its acquisition of a majority stake in the country's largest miler, Natfoods.

Natfoods closed as one of the top 5 risers on the market advancing 5c or 2.04% to another fresh high of 250c, taking its gains since January to 89.4%.

Econet eased 3.36c or 2.50% to 72c ahead of its February interims expected this week. OK Zimbabwe remained stable at 25c.

Delta was amongst the top 5 gainers after adding 0.99c or 0.73% to 136c ahead of its finals and analysts briefing this Wednesday.

The Minings Index closed at 73.24 after dropping 1.20% or 0.89 points as Bindura eased 0.10c or 3.23% while RioZim traded unchanged at 47c.

Total market turnover slightly improved from Friday's $1,546 million to $1.970 million with significant values traded in Delta ($1.158 million) and ABC ($596 575).

Volumes also improved to 10.72 million from 9.953 million with considerable volumes of shares recorded in African Sun (1.369 million), Dawn (5.981 million), ABC (994 293) and Delta (852 056).

The top riser on the day was Aico Africa which added 0.49c or 5.76c to 9c. African Sun and Pearl Properties advanced 0.05c and 0.09c each to 1.60c and 3.10c respectively.

Zimplow Holdings was the top loser shedding 0.20c or 3.85% to 5c. Bankers CBZ eased 0.30c to 13.70c whilst DZLH dropped 0.52c or 1.76% to 29c.

Afre recorded a marginal 0.09% increase to 11.01c after proposing a name change from Afre back to First Mutual Holdings at the AGM to be held on June 4. The AGM also seeks to approve the establishment a share option scheme and share buy back scheme among other resolutions.

The Datvest All Share Index dropped 0.67 points or 0.48% to 139.11 while the FBC ZSE-10 Index was 0.85 points or 0.57% weaker at 148.01.

- zfn