ZSE: Industrials advances to record levels in thin trades

Published: 10 June 2013

ZSE's Industrials advanced to another fresh high on Wednesday with buyers still looking in selected counters albeit in thin trades.

The Industrials Index gained 1.18 or 0.55% to 214 points with Innscor closing 1.19% higher at 93.3c with buyers looking firm at the same price while Delta added 0.93c to another record level of 151.04c. Volumes were thin with Delta trading a paltry 26 000 shares while Innscor managed just 100 000 shares.

Econet remained stable at 68c also in paltry volumes with buyers dropping their bid to 64c while sellers are still selling at 74c. The Minings Index closed unchanged at 72.30 with Falgold trading unchanged at 12c.

Total market turnover dropped to $432 093 on a volume of 4.193 million shares from yesterday's $1,377 million on a volume of 4.004 million shares.

Pioneer led the top gainers on the day advancing 1.50c or 60% to 4c while RTG gained 0.10c or 8.33% to 1.3c.

Masimba remained in favour after adding 0.70c to 10.1c trading the most reasonable volume so far since it started the current rally as over 500 000 shares traded. Today's rise takes its gains in the year to 236.7%.

TSL advanced 1c or 5% to 21c amid reports that Zimbabwe has so far sold 141 million kg of tobacco worth $523 million since the beginning of the 2013 selling season mid February. ZHL added 0.10c or 7.69% to 1.4c while Powerspeed recorded a 6.67% increase to 1.6c.

Bankers Barclays gained a marginal 0.01c to 3.21c while SeedCo added 2.98c to 77.99c and Pearl Properties rose 3.03% to 3.4c. Dawn recorded a 2.30% increase of 0.02c to 0.89c.

The top losers on the market were led by Astra and Zimplow Holdings shedding 0.50c or 10% each to 4.50c.

ABC eased 0.09c or 0.15% to 60.01c while African Sun dropped 0.04c or 223% to 1.75c whist Dual listed Old Mutual was 0.21c weaker at 240c.

DZLH closed buyers only at 30c after raising concerns over the influx of cheap dairy products mainly from South Africa, saying the development would hurt local companies.

The Datvest All Share Index advanced 0.70 points or 0.48% to 144.58 while the FBC ZSE-10 Index was 0.74 points or 0.48% better at 153.66.

The Dual Listed Index was the only sector to record losses on the day after shedding 0.13 points or 0.07% to 188.07 following Old Mutual's modest loss.
- zfn