ZSE: Industrials break the 215 ceiling as activity improves

Published: 10 June 2013

The mainstream Industrials raced past the 215 barrier for the first time since dollarisation on Thursday amid improving activity on the floor with 14 counters managing gains out of the 31 that traded.

The Industrials Index gained 1.95 points or 0.91% to 215.95 buoyed by gains in heavyweights Econet, Delta and Innscor. The mainstream index is now up 41.70% since January.

Econet advanced 1c or 1.47% to 69c while Delta added 0.96c or 0.64% to another record level of 152c ahead of its record date for the 2.23c final dividend tomorrow.

Innscor closed 2.89% firmer at 96c as Acting President Joice Mujuru commissioned Bakers Inn's new plant that will increase the company's bread production to 600 000 loaves daily.

The Minings Index dropped 1.77 or 2.45% to 70.53 as Bindura closed amongst the top 5 losers on the market shedding 0.20c or 6.90% to 2.70c.

Total market turnover significantly improved to $2,009 million on a volume of 11.647 million shares against yesterday's $432 093 on a volume of 4.193million shares.

The top riser on the market was NTS advancing 0.20c or 10% to 2.20c while Fidelity Life gained 0.50c or 5.55% to 11.5c.

Art rose 7.69% to 0.70c and clothing retailer Edgars added 0.50c or 4% to 13c. Bankers CBZ recorded a 3.57% increase of 0.50c to 14.50c.

FBC gained a marginal 0.01c to 8.5c after announcing a share swap where NSSA will transfer its 40% stake in FBC Building Society in return for the issuance of 13.53% of FBCH and the transfer of business, assets and liabilities of FBC Building Society to FBC Bank as a going concern resulting in the merger of FBC Building Society and FBC Bank.

Old Mutual was 1c up at 241c while Masimba continues to run after adding 0.20c or 1.98% to 10.3c. SeedCo added 0.51c 0.65% to 78.5c.

African Sun and DZLH advanced 2.29% and 3.33% each to 1.79c and 31c respectively.

Aico Africa led the fellers dropping 0.90c or 1125% to 7.10c whilst Turnall eased 0.50c or 10% to4.50c. NicozDiamond traded 3.57% weaker at 1.35c.

The other top 5 loser Padenga dropped 0.05c or 1.02% to 4.85c.

Meikles eased a marginal 0.01c to 29c after the group said the delays in the payment of funds owed to the firm by the RBZ has affected operations as well as capacity to pay off its short-term borrowings.

Hippo closed buyers and sellers only at 105c and 110c respectively after reports that the Masvingo provincial leadership has summoned management of the lowveld sugar-cane growing giant to explain allegations that the firm had allegedly for years deliberately under- declared the size of its cane plantations at Hippo Valley Estates by about 6 000 hectares.

Star Africa closed buyers 12c and sellers 1.6c after the firm's lenders and creditors voted in favour of a scheme of arrangement that will give the sugar processor time to sort out its plan to retire overdue liabilities.

There were only 2 indices to record losses on the Zfn board with the Datvest All Share Index adding 1.06 points or0.73% to 145.63 while the heavyweight's measure added 1.44 points or 0.94% to 155.09.

The Agri-Industrial Index dropped 0.63 points or 0.84% to 74.06 weighed down by losses in Aico Africa and Padenga while the Mining Index was 2.41% weaker at 28.22.
- zfn