Industrials continues to recover as Minings remains weak

Published: 08 July 2013

Industrials continued to recover on Monday buoyed by gains in blue chips Econet and Innscor while Minings weakened further on losses in Hwange.

The Industrials Index gained 1.12 points or 0.52% to 216.21 with gains recorded in heavyweights Econet, Innscor and OK Zimbabwe.

Econet rose 0.71c or 1.07% to 67.11c while Innscor added 0.51c or 0.54% to 94.51c and looked firm with buyers still looking at 94c.

OK Zimbabwe closed amongst the top 5 risers advancing 4.12% to 25c amid reports that the retail giant announced last week that it has formed a strategic alliance with Italian company Aranda Blankets to supply and sell blankets on the local market as it seeks to consolidate its foothold in the sector.

Delta remained stable at 141c.

The Minings Index eased 1.59 or 227% to 68.53 points as one of the top 5 fallers, Hwange dropped 1.30c or 8.13% to 14.70c amid reports that government will have a controlling stake in the firm as it is set to give the coal miner additional mining concessions.

Daily market turnover improved to $1,131 million on a volume of 5.072 million shares against Friday's $589 191 on a volume of 2.919 million shares.

The top riser of the day was Willdale adding 0.05c or 16.67% while ZHL closed 9.09% firmer at 12c. Old Mutual and Meikles advanced 4.54% and 1.27% each to 230c and 32c respectively.

Only three counters closed on the downside. Art led the top 5 fallers on the market easing 0.40c or 11.11% to 0.40c while Pearl Properties traded 3.23% weaker at 3c.

The Zfn board remained largely in the positive territory with the benchmark Datvest All Share Index advancing 0.71 points or 0.49% to 145.13 while the FBC ZSE-10 Index added 1.01 points or 0.68% to 150.45.

The only 2 sectors to record losses were the Mining and Property down 2.42% and 0.91% each to 27.47 and 113.75 respectively.

- zfn