ZSE shares hitting fresh highs as volumes remain depressed

Published: 10 June 2013

ZSE's Industrials hit another fresh record on Thursday amid strong interest in selected counters but overall volumes remained thin.

Volumes for most of the counters that have recorded significant gains in the past few weeks have been pathetic compared with the gains of over 100% that some counters have recorded this year to date. About 8 counters have gained value by more than 100% since January.

The Industrials Index added 0.37 points or 0.18% to 211.75 taking its gains this year so far to a significant 38.94%.

The Minings Index recovered 0.61 points or 0.83% to 74.14 after positive trades in Hwange which gained 0.50c to 15.5c. The resources index which opened the year on a positive note has done just 13.85% since January.

Total market turnover eased to $1.193 million on a volume of 3.364 million shares compared with yesterday's $2,986 million on 7.839 million shares.

Hippo added 3c to 113c despite reports that politicians in Masvingo are putting pressure on government to e) peditiousiy complete the indigenisation of its sugar cane growing and milling firm Tongaat Hullet to empower the impoverished villagers in the province.

Afdis added 4c to 25c for the first time in 2 years having last reached those levels in October 2010. Afdis has announced the retirement of MD Malcolm Hollingworth with effect from June 30 and the appointment of Cecil Gombera who is the current Chief Operating Officer as MD with effect from July 1.

Afre added 0.03c to its best level in more than 3 years of 12.03c having last traded at those levels back in 2009. Afre has done 131.3% since January.

CFI was the day's top riser after picking up 2c or 33.33% to 8c, its best level in 52 weeks.

Masimba added 0.40c to 8c and is now 166.7% up so far this year. Innscor remained unchanged at 93c while its subsidiary company Natfoods advanced 1.50c to another fresh high of 261.5c.

ZBFH was 0.50c firmer at 9.5c ahead of its final dividend of 0.16c record date tomorrow.

BAT took a breather today after easing 10c to 825c largely attributed to some investors recouping profits made over the past few weeks.

SeedCo dropped 1c to 70c ahead of its finals and analysts briefing this afternoon while PG Industries and PPC eased 0.20c and 5c each to 0.8c and 250c respectively.

The Datvest All Share Index was 0.25 points or 0.17% firmer at 143.59 while the FBC ZSE-10 Index added 0.09 points or 0.06% to 153.49 and is now 50.71 % up since January.
- zfn