ZSE:- Econet steers Industrials back into the positive territory

Published: 10 June 2013

There was not even a single share to trade lower on the ZSE on Thursday as Industrials rebounded to winning ways helped by gains in Econet ahead of its February finals and analysts briefing this afternoon.

The Industrials Index added 0.82 points or 0.39% to 212.77 taking its gains this year so far to 39.61% while the Minings Index remained unchanged at yesterday's level as no activity was recorded in the sector.

Total market turnover eased to $899 724 on a volume of 14.29 million shares from yesterday's $1,490 million on 11.641 million shares.

Econet added 2.60c to 72.6c while bankers ABC picked up 0.10c to 60.1c after announcing intentions by major shareholder African Development Corporation to acquire the shares of all minority shareholders for BWP5.05 per share registered on the BSE or 60c per share for shares on the ZSE.

BAT recovered 2c to 827c after MD Lovemore T Manatsa told the AGM on Tuesday that volumes are down 15% in the year to date following the introduction of new excise tax in December 2012, but revenue and profitability remain robust as the price increase enacted with the excise hike have compensated for the fall in volumes.

Masimba was the top riser of the day after adding another 0.50c to 9c taking its gains in the year to 200%. Masimba's price has been running in the past month but volumes trading have not been meaningful.

Afre added 0.44c to 12.5c ahead of its AGM next week where shareholders will be among other resolutions vote on the proposed change of name to First Mutual Holdings Limited, a move the company says will boost its visibility on the market.

Padenga closed 0.05c firmer at 4.9c in deals worth $548 201. Parent company Innscor was stable at 92.3c ahead of next week's official commissioning of the state of the art Baker's Inn Bread Line in Graniteside.

Mash remained buyers only at 2.5c after reporting an after tax profit of $2,184 million which was 5% ahead of the same period last year. An interim dividend of 0.0235c was also declared.

There were also no losers on the Z/b board with the Datvest All Share Index adding 1.10 points or 0.76% to 144.88 while the FBCZSE-10 Index was 1.41 points or 0.92% firmer at 154.35.
- zfn