Industrials stays in recovery mode at week's end

Published: 20 September 2013

Zimbabwe Stock Exhange's Industrials stayed in recovery mode on Friday with the number of counters on the rebound Improving compared with the past 3 days.

There were 13 counters to trade in the positive territory against only 6 that traded in the red out of the 34 counters that traded compared with just 8 risers and 3 fallers yesterday.

The bulk of the high market-cap players managed to extend gains albeit in thin volumes with the exception of Delta where almost $1 million worth of shares traded.

The Industrials Index gained 2.96 points or 1.56% to 192.53 buoyed by heavyweights Econet, Delta, Innscor and OK Zimbabwe all closing in the green.

Blue-chip Econet closed as one of the top 5 risers on the market adding 3c or 5.77% to 55.01c while Delta and Innscor added 0.84% and 0.12% each to 120c and 81c respectively.

OK Zimbabwe remained largely in favour as it advanced 0.89c or 3.54% to 26c.

The Minings Index eased 0.22 points or 0.45% to 48.34 as Hwange traded on the downside, shedding 0.50c or 4.76% to 10c to cancel out RioZim's 4.04% gain to 26.01 c.

Bindura dosed buyers only at 2c after group chairman Kalaa Mpinga told the AGM yesterday that the firm's 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,

Daily market turnover dropped to $1.089 million on a volume of 4.460 million shares against yesterday's $2,376 million on a volume of 5.471 million.

Weekly turnover also went down to $6,797 million on a volume of 29.70 million shares compared with last Friday's $8,607 million on a volume of 28.22 million.

Fidelity Life and MedTech led the top 5 risers on the day advancing 20% each to 12c and 0.06c respectively while TA Holdings closed 17.65% firmer at 6c. ZPI added 0.05c or 5% to 1.05c.

Natfoods, Old Mutual and cement manufacturer PPC also traded in the positive gaining 2.22%, 0.88% and 0.45% each to 230c, 230.01c and 236.06c respectively.

The top faller on the day was Masimba, easing 2c or 22.22% to 7c while Willdale closed 16.67% weaker at 0.25c. ZHL dropped 9.09% to 1c and Lafarge eased 4.16% to 115.01c.

Star Africa recorded a decrease of 0.05c or 4% to 1.2c.

NTS closed buyers only at 2.5c ahead of its AGM this afternoon. Pelhams remained stable at 0.1c after CE Middleton Chikowore told the AGM yesterday that the company is expecting to post a loss for the first half of the year due to subdued sales.

The Zfn board was largely on the upside with the benchmark Datvest All Share Index advancing1.70 points or 1.43% to 128.33 while the FBC ZSE-10 Index was 2.49 points or 1.90% to 133.20.

The Truworths Retail Index remained buoyant after adding 9.97 points or 3.05% to 337.14 taking its gains since January to 112.77%.

The Mining Index was the only sector closing in the red after losing 0.11 points or 0.55% to 19.37 taking its losses in the year to 36.44%.
- zfn