Industrials falls for 11th straight session

Published: 20 August 2013

There were just 4 counters to trade lower against 5 risers on Tuesday but heavyweight counters BAT and Econet fell sharply resulting in the mainstream Industrials falling for the 10th straight session.

The Industrials Index eased 2.32 points or 1.25% to 182.75 as BAT and Econet traded in the red while other heavyweight counters Delta, OK Zimbabwe and Innscor closed unchanged.

Blue-chips Delta, OK Zimbabwe and Innscor traded unchanged at 114c, 20c and 80c respectively. Meanwhile, Econet closed amongst the top 5 fellers on the day easing 0.53c or 1.04% to 50.47c.

The Minings Index also remained stable at 48.05 points as Bindura continue to trade unchanged at 1.8c while there was no activity recorded in other counters.

Hwange closed 11c buyers amid reports that the colliery company has acquired new equipment from China as the company targets to raise production.

Daily market turnover improved to $4,035 million on a volume of 17.54 million shares against yesterday's $667 969 on a volume of 7.239 million shares.

ZHL led the top gainers, advancing 0.33c or 33% to 1.33c while ABC gained 5c or 9.09% to 60c after reports that the bank has appointed a sub-committee of independent directors to oversee evaluation of the business in order to appropriately advise minority shareholders on whether to sell or retain their shareholding.

Other top risers Phoenix added 0.02c or 2.74% to 0.75c and Dawn traded 0.02c or 2.15% firmer at 0.95c. PPC traded 2c or 0.87% higher at 232c.

Cigarette manufacturer BAT led the top losers on the market, shedding 200c or 16.67% to 1000c while SeedCo dropped 5c or 6.25% to 75c.

Bankers FBC eased 0.50c or 5.26% to 9c ahead of the firm's interims and analysts briefing tomorrow.

The Datvest All Share Index dropped 1.13 points or 0.92% to 122.13 trimming its year to date gains to 36.61% while the FBC ZSE-10 Index was 1.23% weaker at 124.62 and is now 48.12% up since January.

Agri-Industrial Index slid 1.49 points or 2% to 73.39 largely on losses in SeedCo while the Manufacturing Index was 4.50 points or 2% weaker at 220.17 weighed down by losses in BAT.

ZHL's recovery helped the Insurance Index to rise 4.19 points or 3.49% to 124.29 while the Allied Bank Banking Index was 2.16% up at 76.51 spurred by ABC's 9.09% rise to 60c.
- zfn