Industrials maintain upward trend

Published: 19 September 2013

Industrials gained for the third day on Thursday as investors bought shares in BAT, Econet and OK Zimbabwe which contributed the most on the day's positive movement.

The Industrials Index gained 1.01 points or 0.54% to 189.57 as gains in Econet and OK Zimbabwe managed to cancel out losses in Delta and Innscor.

Heavyweights Econet gained 1.51c or 2.99% to 52.01c while OK Zimbabwe added a marginal 0.01c or 0.04% to 25.11c. Natfoods added 5c to 225c ahead of its final dividend of 3c record date tomorrow.

Other high market-cap players Delta however dropped 1c to 118c as a significant book over of over 1 million shares was challenged down from 120c while Innscor was a modest 0.10c weaker at 80.9c ahead of its final dividend of 1c record date tomorrow.

Daily market turnover improved to $2,376 million on a volume of 5.471 million shares against yesterday's $1,547 million on a volume of 1.348 million shares.

Turnall led the top gainers, advancing 1c or 25% to 5c while bankers FBC gained 1c or 9.09% to 12c.

DZHL recovered 1 c or 5.88% to 18c amid reports that financial analysts have forecast the company's revenue to remain largely flat around $108 million this year following the slow growth in the top line during the first half of the group's financial year.

Other notable gainers, cigarette manufacturer BAT gained 50c or 4.76% to 1100c riding on fairly good interims to June while dual listed Old Mutual traded 1 c or 0.44% firmer at 228c.

Alco Africa slid 0.50c or 12.5% to 3.5c in the wake of reports that the company has suspended contracting soya bean farmers after the company lost more than $1 million through side marketing.

Pelhams closed 0.1c buyers only ahead of its AGM set this afternoon.

The Minings Index remained stable at 48.56 points as Bindura traded unchanged at 2c after chairman Kalaa Mpinga told the AGM this morning that management came up with a strategy to survive during the short to medium term after failing to raise funding for the second phase of the Trojan restart.

The Datvest All Share Index advanced 0.90 points or 0.72% to 126.64 while the FBC ZSE-10 Index added 0.86 points or 0.66% to 130.71.

There were only to sectors to manage losses on the Zfn board with the Agri-Industrial Index easing 0.41 points or 0.56% to 72.60 while the Conglomerates Index was a modest 0.09% weaker at 70.72.

Gains in FBC helped the Allied Bank Banking Index to rise 1.10 points or 1.49% to 75.29 while the Manufacturing Index.
- zfn