ZSE shares falter as Afre changes name to First Mutual

Published: 23 July 2013

ZSE shares were back in the negative territory on Tuesday after losses across the board and hushed trades in heavyweight counters as Afre changed its name on the ZSE official list to First Mutual Holdings Limited.

First Mutual Holdings traded unchanged at stable at 13.5c after officially changing its name from Afire Corporation at a ceremony held at the ZSE today. ZSE chief executive Alban Chirame said the group wil be trading as First Mutual.

The Industrials Index eased 0.52 points or 0.23% to 22728 with heavyweights Delta, Econet and OK Zimbabwe trading unchanged at 143c, 67c and 28c respectively.

Innscor also traded unchanged at 115c while its associate Colcom closed amongst the top 5 risers on the market advancing 5c or 14.29% to 40c.

The Minings Index also dosed in the red, easing 023 points or 0.34% to 66.70 with Bindura dropping 0.04c or 1.64% to 2.4c cancelling gains in Hwange which added 0.10c or 0.57% to 17.6c.

The total market turnover improved to $1.452 mln on a volume of 3.390 mln shares against yesterday's $852 163 on a volume of 2.638 mln shares.

Zeco led the top risers on the market adding 0.02c or 28.57% to 0.09c taking its gains in the year to 800% while Star Africa traded 20% firmer at 12c.

Other top risers on the day were Padenga and Afdis which added 3.66% and 1.69% each to 8.5c and 36c respectively.

RTG recorded a 1.67% increase of 0.02c to 1.22c and NicozDiamond gained 0.01c or 0.65% to 1.56c. Meanwhile, Clothing retailer Truworths added a marginal 0.01c or 0.29% to 3.51c.

The top loser on the day was Edgars, shedding 2c or 13.33% to 13c. Investment firm TA Holdings dropped 1c or 11.11% to 8c and Willdale eased 0.04c or 11.76% to 0.3c after publishing a further cautionary statement saying negotiations are still ongoing with a potential investor whose outcome could have a material effect on the business and share price.

Hunyani also closed on the downside, closing 8.57% weaker at 3.2c while African Sun eased 0.15c or 6.67% to 2.1c.

Cement manufacturer Lafarge and dual listed Old Mutual dropped 5c each to close at 115c and 235c respectively.

The Datvest All Share Index dropped 0.13 points or 0.09% to 151.65 whie the heavyweights measure the FBC ZSE-10 Index was 0.09 points or 0.06% weaker at 157.04.

There were only 2 sectors to manage gains on the Zfn board with the Agri-Industrial Index adding 1.47 points or 1.84% to 81.61 while the Insurance Index was 0.09 points or 0.07% firmer at 137.73.

- zfn