ZSE: Industrials manages modest gains as miners falter in thin trades

Published: 10 June 2013

ZSE's Industrials managed modest gains on Monday in hushed trades where only 4.6 million shares worth $594 559 traded while losses in Falgold and Hwange saw the resources index ending 1.52% in the red.

The Industrials Index continued the rally at the beginning of the week gaining a marginal 0.11 or 0.05% to 210.40, another fresh high buoyed by gains in BAT which gained 10c to a fresh high of 820c to take its gains since January to 127.8%..

Heavyweight counters performed poorly as Delta eased 0.01c to 143c after reporting upbeat March finals where revenues were driven by premium lagers while efficiencies buoyed the group's operating margins.

Other heavyweights Econet, Innscor and OK Zimbabwe closed unchanged at 70c, 93c and 29c each.

The Minings Index eased 1.14 or 1.51 % to 74.42 points with Falgold and Hwange closing amongst the top 5 losers after dropping 1c each to 12c and 15c respectively cancelling gains in Bindura which dosed as one of the top 5 gainers adding 0.10c or 3.45% to 3c.

Total market turnover dropped to $594 559 on a volume of 4.6 million shares against Friday's $7,988 million on a volume of 11.52 million shares.

CFI led the top risers on the day adding 0.80c or 15.38% to 6c whilst Masimba gained 0.50c or 8.33% to 6.5c. African Sun added 0.05c to 1.75c.

Meikles closed 0.44% firmer at 25.21c.

ZHL closed buyers only at 12c amid reports that the firm's short term insurer SFG Insurance Company had been ordered to stop writing business by the Insurance and Pensions Commission after its investigations exposed a huge negative solvency ratio with its capital base falling far short of the minimum threshold required.

FBC remained stable at 8c after publishing a cautionary statement saying the group is currently engaged in negotiations which, if successfully completed, would have a material effect to the structure of the group and may have a material impact on the company's share price.

The top loser on the market was Cafca dropping 10c or 20% to 40c. Powerspeed eased 0.10c or 625% to 1.5c and Fidelity Life traded 1.67% weaker at 11.8c.

Padenga dropped 0.05 or 0.99% to 5 while Seedco eased a marginal 0.01 % to 71c.

The Datvest All Share Index however dropped a modest 0.04 points or0.03% to 142.94 while the blue chips measure added a marginal 0.06 points or 0.04% to 152.50.
- zfn