Industrials stay in the positive on recovering blue chips

Industrials stay in the positive on recovering blue chips
Published: 31 October 2013
ZSE's Industrials managed to stay in the positive territory during October's last trading session as gains in blue chips Econet, Innscor and an improvement in Delta's bid carried the day.

The Industrials Index gained 0.61c or 0.29% to 209.74 with heavyweights Econet and Innscor trading in the positive while other blue chips Delta and OK Zimbabwe remained stable.

Month on month the Industrials have done 4.84% while this year to date the mainstream index is 37.62% up with just 2 months to go in the year.

Telecoms giant Econet gained 0.63% to 60.5c while Delta remained stable at 135.01c but its bid improved to 135c from 130c yesterday. Heavyweight retailer OK Zimbabwe also closed unchanged at 26c.

Conglomerate blue chip Innscor added 0.90c or 1.10% to 83c ahead of its AGM on Friday November 22 where shareholder approval is being sought for a share buy-back scheme. Meanwhile, Innscor's associates Colcom and Natfoods dropped 3.57% and 3.60% each to 27c and 241c respectively.

The Minings Index also gained a significant 4.39 or 9.09% to 52.68 as Hwange's bid improved to 14c against yesterday's buyers only at 12c chairman Farai Mutamangira said yesterday his board would proceed with caution on the proposed $50 million rescue package for the company by British mogul Nicholas van Hoogstraten.

RioZim bid was also quoted higher at 35c against yesterday's 30c.

Daily market turnover improved to $1.428 million on a volume of 5.308 million shares from $970 868 on a volume of 7.350 million shares recorded yesterday.

TA Holdings led the top risers adding 1c or 16.67% to 7c while Turnall advanced 10% to 5.5c. Clothing retailer Truworths closed 6.84% firmer at 3.75c.

Bankers FBC gained 0.50c or 3.85% to 13.5c and Dawn rose again by 0.05c or 3.57% to 1.45c. Edgars added 0.10c or 0.83% to 12.1c.

Old Mutual also traded in the green adding a marginal 0.99c or 0.39% to 256c.

Top faller on the day was Interfresh easing 0.40c or 22.22% to 1.4c. Aico Africa dropped 18% to 4.1c and Barclays traded 4.76% weaker at 4 c.

Other counters to trade on the downside were Meikles and ZBFH, shedding 7.41% and 4.35% each to 25c and 11c respectively.

The benchmark Datvest All Share Index closed unchanged at yesterday's level of 140.23 while the blue chips measure, the FBC ZSE-10 Index added 0.24 points or 0.17% to 145,68.

There were 3 sectors to close in the negative, the Agri-Industrial (-1.29%), the Allied Bank Banking Index (-0.40%) and the Manufacturing Index which dropped 0.16% weighed down by losses in Natfoods. 
- zfn

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