ZSE Industrials stays in the positive territory

ZSE Industrials stays in the positive territory
Published: 07 October 2013
ZSE's most traded blue chip counters took a breather on Monday but Industrials continued to recover propelled by gains in Innscor and selected counters across the board.

The Industrials Index gained 1.39 points or 0.67% to 209.83 with Innscor closing in the green while other blue chips Delta, Econet and OK Zimbabwe remained stable.

Today's rise saw the Industrials narrowing the gap from its all-time best on August 1 to just 10% while its gains this year to date improved to 37.68% compared with 53.01% on August 1.

Heavyweight Innscor dosed 2.35% firmer while Econet traded unchanged at 60c after announcing that it has won the Supreme court case against Trustco.

Delta and OK Zimbabwe also remained stable at 135c and 28c respectively.

The Minings Index also gained 1.95 points or 3.86% to 52.48 a RioZim traded amongst the top 5 risers on the day, adding 5c or 16.67% to 35c.

Daily market turnover dropped to $1,972 million on a volume of 4.188 million shares against Friday's $2,618 million on a volume of 3.697 million shares.

Top riser on the day was Masimba, advancing 1 c or 24.39% to 5.10c ahead of its interim dividend of 0.12c record date on Friday while Mash added 0.20c or 6.67% to 3.20c. Bankers NMB gained 6.67% to 8c and ZPI rose 5% to 1.05c.

Clothing retailer Edgars added 2.13% to 12c while Old Mutual gained 4.51c to 247.51 c after reports that Old Mutual Zimbabwe has established a platform that will facilitate the trading of 25% of its shares aNocated to various interest groups under its indigenisation compliance plan.

SeedCo closed 3.58% firmer at 87.01c.

Brokers MMC Capital pushed through a special bargain of 1.170 million TSL shares at 32c while on the board TSL was buyers and sellers only at 32c and 35c respectively.

Dawn led the top fellers, shedding 0.10c to 1c while NicozDiamond eased 6.82% to 2.05c. Fidelity Life and BAT dropped 3.48% and 1.10% each to 11.10c and 1350c respectively.

The last top 5 faller was cement manufacturer PPC which closed 0.58% weaker at 260c. DZLH dropped a marginal 0.50% to 19.9c while bankers FBC eased 0.04c to 12c.

CFI closed buyers only at 3.5c after reports that the High Court has dismissed an application by United Arab Emirates commodity broking company, Dominion Trading FZ-LLC, for an order to place Victoria Foods under liquidation.

The Zfn board remained largely in the green with the Datvest All Share Index rising 0.54 points or 0.39% to 139.85 while the FBC ZSE-10 Index was 0.52 points or 0.36% firmer at 146.19.

There were no changes to FBC ZSE-10 this quarter, although BAT switched places with Hippo to become the 5th biggest share by market capitalisation, while ABC overtook Old Mutual to move into 9th position. It's worth noting those companies knocking on the door of the Top 10, although there is $20 million gap between the two. TSL is now the 11th biggest share, CBZ is back in 12th position, Lafarge 13th, while FBC is now in position 14, ifs highest level since dollarisation, having overtaken Barclays, which is now the 15th biggest share in terms of market cap.

The number of shares in FBC rose by 80.1 million following shareholder approval for the issue of shares to NSSA in exchange for the stake in FBC Building Society, while OK Zimbabwe's issue of shares for the convertible debenture saw another 23.17 million shares added to register. Share option schemes resulted in another 6.253 million shares added to Delta register, while others to show increases include Astra (40 000), CBZ (666 042), Dairibord (200 000), Edgars (1.1 million) and SeedCo (548 400). Those recording decreases include Art (135 625), Cafca (2 376) while Interfresh's issued share capital stands at 196.7 million following its $3 million rights issue.
- zfn
Tags: ZSE, Industrials,

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