Industrials extends losses to 8 straight sessions

Published: 15 August 2013

Delta shares recovered on Thursday but failed to inspire the mainstream Industrials as losses in other heavyweights and across the main board saw the market ending lower for the 8th straight session.

The Industrials Index eased 0.77 points or 0.40% to 190.34 as losses in heavyweight counters Innscor and OK Zimbabwe cancelled out Delta's recovery.

Blue-chip Delta gained 1c or 0.88% to 115c with buyers wiling to pay yesterday's price of 114c while sellers were quoting 120c. Telecoms giant Econet traded unchanged at 53c.

Blue chips to cancel out Delta's recovery were conglomerate Innscor which eased 0.20c to 80c which is 30.43% from its all-time best of 115c while associate company Natfoods dosed amongst the top 5 fallers on the day after dropping 35c or 14.29% to 210c. OK Zimbabwe traded 1 c or 4.17% weaker at 23c.

The Minings Index also remained stable at 56.17 points as Bindura traded unchanged at 1.8c while there was no activity recorded in other mining counters.

Daily market turnover remained reasonably above the psychological $1 million level but eased to $2,002 million on a volume of 8.918 million shares against yesterday's $3.370million on a volume of 9.940million shares.

On the upside Phoenix led the top risers gaining a significant 0.23c or 46% to 0.73c while ZPI added 0.10c or 11.11% to 1c. Masimba advanced 0.50c or 6.25% to 8.5c.

Other notable risers on the board included Meikles which gained 0.79c or 2.80% to 30c after publishing an interim management report saying progress has been made in getting better terms on the Meikles funds held on deposit with the RBZ and discussions are nearing conclusion and will result in a higher interest being accrued on the deposit, with a retrospective implication.

African Sun advanced 0.05c or 3.03% to 1.7c ahead of the United Nations World Tourism Organisation general assembly which Zimbabwe and Zambia will co-host from August 24 to August 29 in Victoria Falls and Livingstone respectively.

Pioneer led the top fallers on the market, shedding 1.70c or 19.54% to 7c while Powerspeed eased 0.35c or 16.28% to 1.8c. GB Holdings dropped 0.01c or 11.11% to 0.08c.

Aico Africa traded 0.50c or 8.33% weaker at 5.5c while Dawn eased 0.06c or 6.06% to 0.93c. NicozDiamond dropped 0.10c or 5.88% to 1.6c and DZHL was 0.50c weaker at 19.5c.

Dual listed Old Mutual traded 5c weaker at 235c while FML dropped a marginal 0.01c or 0.08% to 12c.

ABC closed buyers 55c and sellers 60c after CEO Doug Munatsi told analysts yesterday that the results of the group for the 6 months to June 30 were largely driven by the substantial growth in retail banking .

The Datvest All Share Index dropped another 0.71 points or 0.56% to 127.47 while the FBC ZSE-10 Index was 0.87 points or 0.66% weaker at 130.07.

There were 3 sectors to manage gains on the Zfn board with the Tourism Index rising 0.91% to 26.79, the Property Index adding 0.36 points or 0.34% to 108.30 while the Conglomerates Index was a marginal 0.15% up at 71.08.
- zfn