ZSE Industrials close the week on a positive note

Published: 06 October 2013

The market closed the week on a positive note with the main index continuing with its upside surge.

The Industrial index put a solid 1.42% gain or 2.91 points to close at 205.44 points buoyed by decent gains in heavyweights. Week on week the industrial index was up 10.38 points or 5.24%.

BAT continued to recover towards its all-time best of 1475c alter adding another 15c to 1365c in today's session.

Delta remained buoyant after adding 4.99c to 135c with buyers still looking at the same price taking its market cap to $1,657 billion and gains in the week to 10.2%.

Conglomerate Innscor advanced 2c to 85c as associate company Colcom led top 5 risers with a 5c or 20% gain to 30c. Natfoods remained stable at 240c while OK Zimbabwe traded unchanged at 28c.

Dual listed counters were also in favour as Old Mutual recovered 3c to 243c while PPC was 8.52c better at 261.51c.

Padenga, which is still shining from upbeat June finals, added another 0.99c to 8c, just 5.88% shy of its all-time best level of 8.5c.

Econet eased another 1.96c or 3.16% to 60c amid reports that chairperson and controlling shareholder Strive Masiyiwa is mulling a London Stock Exchange listing.

Art and Colcom led the top risers on the board, advancing 20% each to 0.6c and 30c respectively while Padenga gained 0.99c or 14.12% to 8c. Dawn Properties added 0.10c or 10% to 1.1c and Barclays gained 0.20c or 5.87% to 3.61c.

Other notable risers were TSL which gained 1c or 3.23% to 32c and FBC gained 0.04c or 0.33% to 12.04c while SeedCo gained 0.50c or 0.60% to 84c.

African Sun traded unchanged at 2.1 c after reports that Brainworks Capital Management, a private equity investment and advisory firm, has acquired a 32% shareholding in African Sun Limited through 3 vehicles that were previously controlled by ASL chief executive Shingi Munyeza through his family trust, Nhaka Trust.

Tumall led the top fallers on the market shedding 1.50c or 27.27% to 4c while Medtech and ZPI dropped 16.67% each to 0.05c and 4c respectively. Afdis eased 2c or 6.25% to'30c.

Turnover was fair at $2,590,402 though down compared to $4,238,956 recorded in yesterday's trades with the main contributors being Delta, Lafarge and Innscor.

The mining index was stuck at 50.53 points. Bindura, Falgold, Hwange and RioZim were unchanged at previous trading levels.

Week on week the mining index gained 0.63 points or 1.26%.

The broad market remains very firm with improved local participation as investors are coming back to the market.
- businessdaily