Industrials surge continues as activity improves

Published: 16 October 2013

Industrials continued their second longest rising streak since dollarisation of 22 days in a row having achieved a 24-day winning streak in January and February this year.

Volumes improved remarkably buoyed meaningful deals in Delta, Innscor, SeedCo and a special bargain of 18.59 million Pearl Properties shares pushed through by brokers Imara at 3.3c.

Daily market turnover thus significantly improved to $2,758 million on a volume of 24.24 million shares from yesterday's $521 872 on a volume of 2.110 million shares.

The Industrials Index gained 0.53 or 0.25% to 214.22 which is now 8.13% shy of the previous all-time high of 233.18.

There were 12 counters trading in the green while only one counter closed on the downside out of the 33 that traded.

Delta closed unchanged at 140c after publishing a trading update for the second quarter ending September 30 saying consumer demand has remained generally soft, a trend that has been evident since the beginning of the calendar year.

Other large-cap market players Econet, Innscor and OK Zimbabwe remained stable at 64.9c, 90c and 27c respectively.

The Minings Index eased 0.88 points or 1.77% to 48.87 as the only faller on the market Bindura dropped 1.80c or 5.26% to 1.80c while RioZim traded unchanged at 35c.

The top riser was ZHL adding 0.20c or 20% to 1.20c while Dawn gained 9.09% to 1.20c. ZPI and African Sun advanced 4.55% and 2.33% each to 1.15c and 2.20c respectively.

Bankers CBZ closed 3.45% firmer at 15c while Barclays was in favour adding 0.06% or 1.50% to 4.06c.

DZLH, Edgars and Masimba gained a marginal 0.56%, 0.08% and 0.20% each to 18.1c, 12.01c and 5.01c respectively. Star Africa gained 0.74% to 1.36c.

SeedCo advanced 2c to 100 driven by the pending technical and equity partnership deal with Vilmorin and Cie SA.

The Mining Index was the only sector to close in the red after shedding a further 0.35 points or 1.66% to 20.58 extending year to date losses to 32.48%.

- zfn