Industrials extend recovery in midweek trades

Published: 18 September 2013

Industrials extended their recovery on Wednesday spurred by gains in selected counters although trading activity remains largely subdued.

The Industrials Index gained 0.41 points or 0.22% to 188.56 as heavyweight counters Econet and OK Zimbabwe closed h the green while Delta and Innscor remained stable.

Retail-giant OK Zimbabwe added a modest 0.10c or 0.40% to 25.1c after reports that the firm has issued a total of 15 143 314 ordinary shares valued at $3.5 million to beneficiaries of its share option scheme.

Econet advanced 0.50c or 1% to 50.5c after group CEO Douglas Mboweni urged banks to join EcoCash for their mobile money transfer services saying that those reluctant to do so should invest in their own network instead of lobbying to use the Econet gateway to promote their own products.

Delta and Innscor traded unchanged at 120c and 81c respectively while, Innscor's associate company Natfoods closed 0.92% firmer at 220c.

The Minings remained stable at 48.56 with Bindura and RioZim closing unchanged at 2c and 25c each.

Daily market turnover improved marginally to $1,547 million on a volume of 1.348 million shares against yesterday's $1,217 million on a volume of 4.165million shares.

The top riser on the market was Hunyani, gaining 1c or 40% to 3.50c while Phoenix traded 20% higher at 0.90c. Wildale added 0.05c or 20% to 0.30c.

Clothing retailer Edgars recorded a 15% increase of 1.50c to 11.50c and cigarette manufacturer BAT advanced 50c or 5% to 1050c.

Old mutual and SeedCo added 0.88% and 1.25% each to 227c and 81 c respectively.

CFI led the top falters, shedding 0.40c or 10% to 3.60c and Hippo dropped 5c or 4.76% to 100c. Meanwhile, bankers CBZ closed 3.85% weaker at 12.50c.

DZLH and Pearl Properties dropped 2.80% and 3.23% each to 17c and 3c respectively. ZPI dropped 0.99% to 1c.

The Datvest All Share Index was 0.38 points or 0.30% better at 125.73 while the FBC ZSE-10 Index added 0.47 points or 0.36% to 129.85.

The Agri-Industrial Index however lost 1.19 points or 1.60% to 73.01 while the Property Index eased 1.19 points or 1.04% to 113.79.
- zfn