ZSE's Industrials snaps 11-day losing streak

Published: 21 August 2013

ZSE's Industrials snapped its 11-day losing streak on Wednesday as buyers resurfaced in selected counters ahead of President Mugabe's inauguration tomorrow.

The Industrials Index recovered 0.39 points or 021% to 183.14 as gains in heavyweight counters Hippo and OK Zimbabwe managed to cancel out losses in Delta and Econet.

Heavyweight counters Hippo recovered 5c to 105c while OK Zimbabwe was 1c better at 21c.

Delta continued to falter after losing another 1c to 113c trimming its gains in the year to 13% and is now 28.03% from its all-time high of 157c.

Econet eased another 0.47c to 50c after reports that the regulator Postal and Telecommunications Regulatory Authority has directed Econet to reverse its 60% cut on voice call tariffs ordering it to revert to the old 25c per minute charge by Friday or face a penalty. Potraz says Econet could not reduce call charges by more than 50%.

African Sun remained in favour after gaining 0.07c to 2.07c ahead of the United Nations Tourism Organisation General Assembly starting this Saturday in Victoria Falls.

Another tourism counter RTG topped the day's risers after recovering 0.11 c or 10% to 2.1c as the group was presenting its interims to the market this morning.

Meikles added 1 c to 30c after an upbeat update from management at yesterday's AGM saying the group had agreed the rate of interest to be accrued on the funds held on deposit with the RBZ.

CBZ was 1c weaker at 14c in the wake of reports that a cash-rich Malaysian-based private equity fund has snapped more than a tenth of CBZ issued shares in a special bargain deal worth $8.3 million.

NTS eased 0.60c to 2.9c with the group postponing its AGM that was scheduled for tomorrow to a later date following the proclamation of Thursday August 22 as a public holiday.

FBC remained buyers only at 9c while Tumall was sellers only at 5.5c ahead of the Zs interims and analysts briefing this afternoon.

The Minings Index remained stable at yesterday's level of 48.05 as Falgold traded unchanged at 6c.

Total daily turnover eased to $2,093 million on a volume of 8.613 million shares from yesterday's $4,035 million on 17.54 million shares.

The Datvest All Share Index however remained in the negative after shedding 0.12 points or 0.10% to 122.01 while the heavyweight's measure, the FBC ZSE-10 Index was a modest 0.03 points or0.02% up at 124.65.

The Tourism Index recovered 1.54 points or 7.09% to 23.24 on gains in African Sun and RTG while gains in OK Zimbabwe helped the Truworths Tourism Index gain 11.20 points or 425% to 274.86.
- zfn