Delta, Econet sell-off sends Industrials lower

Published: 12 September 2013

A sell-off in the markets top heavyweight counters Delta and Econet saw the Industrial sliding back to the negative territory on Thursday.

Investors cashed in on Delta and Econet's recovery in the past week as it become apparent that most are looking to sell and probably taking defensive positions.

The Industrials Index eased 0.90 points or 0.47% to 190.24 after giving in to the losses recorded in just 3 counters Delta, Econet and Zimpapers.

Blue-chip Delta dropped 2.10c or 1.65% to 124.9c from 127c yesterday. Sellers remained up at 127c but sellers were willing to pay as little as 120c.

Telecoms counter Econet eased 1.01c or 1.84% to 53.99c after protracted trades and remains sellers at 56c while buyers are at 50c.

Conglomerate Innscor and OK Zimbabwe traded unchanged at 81c and 23.1c respectively.

The Minings Index remained stable at 48.73 points as there was no activity recorded in the mining counters.

Daily market turnover improved to $3,064 million on a volume of 9.008 million shares after significant trades in Delta and Econet compared with yesterday's $1,063 million on a volume of 5.900 million shares.

RTG led the top gainers on the board, advancing 0.19c or 14.50% to 1.5c while Padenga added 0.49c or 9.78% to 5.5c.

Retail counter Truworths recovered 0.20c or 6.67% to 3.2c and FML traded 0.50c or 4% firmer at 13.01c.

BAT recovered 19c or 2.11% to 920c ahead of its interims and analysts briefing this afternoon.

Zimpapers closed as one of the three counters that traded in the reds, shedding 0.20c or 20% to 0.8c.

ZPI traded unchanged at 1c after group MD Edson Muvingi told analysts yesterday that the group is not expecting any major shanges for the remainder of the year after posting a 4% increase in rental income and a 24% growth in total income.

Astra closed 4c buyers only amid reports that the firm is expected to rebrand after its recent acquisition by a Tokyo-listed firm, Kansai Plascon Africa, which is expected to be unveiled to the market in a few weeks' time.

The Datvest All Share Index dropped 0.73 points or 0.57% to 127.26 while the heavyweights' measure the FBC ZSE-10 Index was 1.25 points or 0.93% weaker at 132.16.

Gains in RTG however helped the Tourism Index recover 2.07 points or 8.64% to 26.06 while the Insurance Index added 3.11 points or 2.43% to 131.38 on gains in First Mutual Holdings.
- zfn