ZSE gains for the 3rd straight session

Published: 10 September 2013

ZSE shares recorded gains for the 3rd consecutive session amid improving volumes across the board as most investors choose to play it safe.

The Industrials Index gained another 1.07 points or 0.58% to 184.82 points mainly due to recovery in BAT, Econet and OK Zimbabwe.

Telecoms giant Econet inched up 1.50c or 3% to 51.51c but is still 31.1 % down on its all-time best price of 77c.

OK Zimbabwe was 0.95c better at 21.99c with buyers still looking at 21.5c while cigarette manufacturer BAT recovered 1c to 901c.

Blue-chips Delta and Innscor traded unchanged at 120.01c and 81c respectively with buyers in Delta dropping their bid to 119c from 120.01c recorded yesterday.

The Minings Index gained 0.39 points or 0.83% to 47.17 points after the resources counters closed as two of the top five gainers with Bindura advancing 0.14c or 7.73% to 1.95c while RioZim added 1c or 5% to 21c. Falgold and Hwange were unchanged at previous trading levels.

Daily market turnover improved to $2,241 million on a volume of 5.881 million shares against yesterday's $924 553 on a volume of 4,093 million.

There were 21 counters to record trades with 10 closing in the positive while only 3 recorded losses and the rest unchanged from the previous positions.

Zeco led the top gainers on the board after advancing 0.01c or 11.11% to 0.1c in rare trades while bankers FBC added 1c or 10% to 11c.

Pearl Properties gained 0.10c or 3.33% to 3.1c after MD Francis Nyambiri told an analysts briefing yesterday that rental yield went down by 2.4% due to lower than expected rental growth while average rental per square meter increased by 7.3% to $7,96.

Other notable risers include SeedCo which gained 1c or 1.30% to 78c after reports the company will have an international technical partner soon.

Other counter to trade in the green was RTG which added 0.01c or 0.77% to 1.31c.

Of the 3 counters that traded in the red Padenga closed as the top feller, shedding 0.70c or 12.07% to 5.1c while bankers NMB eased 0.50c or 7.14% to 6.5c. Meanwhile Natfoods, which declared a final dividend of 3c last week, dropped 5c or 2.27% to 215c.

Colcom closed buyers 23c and sellers 25c only as group Chief Operating Officer Dino Tumazos told an analysts briefing yesterday that the firm will invest a further $1.4 million for factory equipment which is expected to be commissioned before December 2013 as a way of addressing the challenges of an ageing facility.

The Datvest All Share Index was 0.91 points or 0.74% firmer at 124.25 while the FBC ZSE-10 Index added 1.11 points or 0.87% to 128.33.
- zfn

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