Econet drags Industrials down

Econet drags Industrials down
Published: 16 September 2013
There were just 3 counters to trade in the red on Monday but weak trades in Econet managed to cancel out gains in 7 other counters that traded in the positive territory including Delta.

Daily volumes were however pathetic with a total of 2.113 million shares worth $567 704 trading on the day compared with last Friday's $1,312 million on a volume of 3.338 million shares.

The Industrials Index dropped 0.57 points or 0.30% to 187.78 while the Minings Index was 0.17 points or 0.35% weaker at 48.56 as gains in Bindura and RioZim were outweighed by Hwange's loss.

Econet dropped 2.50c to 51 c and remained sellers at the same price with buyers at 50c and largely cancelled out gains in Delta which recovered a modest 0.01 c to 120.1c and OK Zimbabwe which addeed 0.91 c to 24.01c.

The other counters to trade lower were DZLH which eased 1c to 18c and mining counter Hwange which dropped 0.50c to 10.5c.

Star Africa topped the day's top risers after adding 025c to 1 25c whie resources counter RioZim recovered 4c or 19.05% to 25c.

Padenga recovered 0.20c to 5.7c while ZPI also recovered a modest 0.01 c to 1. 1c.

Bindura was 0.05c better at 2c in the wake of reports that the nickel mjner is projecting a cash positive position by the end of next month after overcoming its immediate funding constraints by revising its mining plan.

The Datvest All Share Index dropped 0.71 points or 0.56% to 125.34 whie the FBC ZSE-10 Index closed 0.76% lower at 129.53.

Sectors to record notable gains on the Zfn board included the Mining Index which added 0.53 points or 2.77% to 19.48 and the Truworths Retail Index which picked up 10.20 points or 3.39% to 310.55.

- zfn
Tags: Econet, ZSE,

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