Industrials' post election sell-off persists

Published: 19 August 2013

ZSE's Industrials remained stuck in the negative territory after Monday trades as post election sell-off spilled into the 3rd consecutive week.

The Industrials Index dropped 2.90 points or 1.54% to 185.07 on the back of losses in heavyweight counters Delta, Econet and OK Zimbabwe.

Blue-chip Delta dropped 1c or 0.87% to 114c while OK Zimbabwe traded 2c or 9.09% weaker at 20c.

Telecoms giant Econet eased 2c or 3.77% to 51c after reports that the firm has slashed its mobile tariffs by 60%. Conglomerate Innscor traded unchanged at 80c.

The Minings Index was stable at 48.05 points as Bindura traded unchanged at 1.8c while there were no trades in other counters.

Daily market turnover dropped below the psychological $1 million value to $667 969 on a volume of 7239 million shares against last Friday's $15,214 million on a volume of 107.56 million shares.

Only two counters traded in the green with tourism counter African Sun leading as the top gainer, advancing 0.14c or 7.53% to 2c.

Meikles gained a marginal 0.01c or 0.03% to 29c ii the wake of management report that negotiations aimed at recovering funds owed by the RBZ are nearing conclusion as the group seeks to improve profitability.

RTG led the top fallers on the market, shedding 0.60c or 35.29% to 1.1 c while bankers NMB eased 2c or 25% to 6c.

TA Holdings dropped 1c or 16.67% to 5c and Padenga traded 1c or 13.33% weaker at 6.5c. Pelhams eased 0.01c or 10% to 0.09c.

Other notable fallers, Hunyani dropped 0.20c or 6.25% to 3c while bankers Barclays eased 0.20c or 5% to 3.8c. FML traded 0.51c or 4.08% weaker at 12c.

There was not even a single sector to record gains on the Tin board with the benchmark Datvest All Share Index dropping 2.31 points or 1.84% to 12326 while the FBC ZSE-10 Index was 2.20 points or 1.71% weaker at 126.17.

The Tourism Index was the heaviest taller after dropping 5.87 points or 21.28% as RTG's 35.29% plunge cancelled out African Sun's 7.53% gain.

The Truworths Retail Index also recorded a significant loss of 22.51 points or 7.86% to 263.66 on losses in retail counters OK Zimbabwe and Pelhams.
- zfn