Econet sustain ZSE Industrials resurgence

Econet sustain ZSE Industrials resurgence
Published: 25 September 2013
Heavyweight counters BAT and Econet managed to sustain Industrials resurgence on Wednesday while trading across the board was largely mixed..

The Industrials Index gained 1.26 points or 0.65% to 196.00 but is still 15.94% down from its all-time best of 233.18 set on August 1 this year.

Blue-chip Econet was largely in favour after rising 2.70c or 4.70% to 60.2c albeit in thin volumes with buyers still looking at 60c. Cigarette manufacturer BAT added 20c or 1.82% to 1120c but is still 24.07% down on its all-time best of 1475c.

Other heavyweight counters Delta and OK Zimbabwe traded unchanged at 120c and 27c respectively. Innscor however dropped a marginal 0.01c or 0.01% to 82c.

The Minings Index was stable at 48.34 points as there were no trades recorded in the mining counters.

Daily market turnover improved to $1,963 million on a volume of 7.091 million shares against yesterday's $664 337 on a volume of 3.488 million shares.

ZBFH led the top fellers on the board advancing 1c or 11.11% to 10c while other banking counters CBZ gained 1.01c or 7.77% to 14.01c and NMB added 0.50c or 7.14% to 7.5c.

Star Africa recovered 0.10c or 9.09% to 1.2c as Zimplow Holdings traded 0.20c or 55 firmer at 4.2c after media reports the group will tomorrow seal a $5 million line of credit from Brazil in what is expected to boost volumes at the group's tractor manufacturing division.

Other notable risers were SeedCo which gained 0.99c or 1.21% to 83c and FML which advanced by 0.10c or 0.76% to 13.3c.

Aico Africa led the top falters on the board shedding 0.50c or 14.29% to 3c while retail counter Truworths eased 0.20c or 6.25% to 3c. DZHL dropped 1.20c o 5.94% to 19c and African Sun eased 0.10c or4.76% to 2c.

Dawn Properties traded 0.02c or 1.96% weaker at 1c as CE Justin Dowa told shareholders this morning that revenue for the 4 months to July 2013 grew by 3% to $1.8 million with rental income remaining flat.

The Zfn board was largely mixed with the Datvest All Share Index advancing 0.97% to 132.04 while the blue chips measure, the FBC ZSE-10 Index was 1.21% better at 136.87.

Other notable gains on the sectoral indices board were recorded in the Allied Bank Banking Index up 2.40% to 80.02 and Conglomerates up 0.44% to 141.02

On the downside the Tourism Index eased 1.82% to 26.06 while the Property Index dropped 0.42 points or 0.36% to 116.28.
- zfn

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