Industrials slides as heavyweights falter

Published: 06 November 2013

ZSE's Industrials slipped into the negative territory on Wednesday as 3 of the market's 10 heavily capitalised recorded losses.

The Industrials Index dropped 0.58 points or 0.28% to 209.69 while the Minings Index stayed in the positive alter Falgold's bid was raised to 6c.

Volumes remained reasonable with daily market turnover remaining above the psychological $1 million level at $1,016 million on 15.52 million shares down from $3,403 million on a volume of 13.237million shares yesterday.

Telecoms counter Econet eased 1c to 62c while Natfoods was 1c weaker at 240c ahead of its AGM next week.

Retail counter OK Zimbabwe, which is scheduled to release its interims in 2 weeks, dropped 1 c to 25c and closed weak with buyers willing to pay as low as 23c.

Other heavyweights Delta and Innscor remained stable at 136c and 83c respectively.

SeedCo was also unchanged at 99c ahead of the presentation of its interims to the market this afternoon. Parent company Aico Africa led the top fellers after losing 0.80c to 4.2c.

African Sun, which flagged a mandatory offer from Lengrah Investments to acquire the shares of all minority shareholders as it now controls 36.51% in the company, dropped 0.01c to 2.8c.

Dawn Properties was however unchanged at 1.45c after reports that the property counter together with African Sun are set to be combined back into one entity.

Trading in the positive territory across the board were BAT which recovered 50c to 1200c, Barclays 0.10c firmer at 4.2c and Meikles Africa which added 1c to26c.

TA Holdings led the risers after recovering 1c to 9c while TSL added a modest 0.01c to 33.01c in deals worth over $270 000.

The Datvest All Share Index eased 0.52 points or 0.37% to 140.74 while the FBC ZSE-10 Index dropped 0.59 points or 0.40% to 146.51.

The Truworths Retail Index closed a significant 1123 points or 3.29% to 329.58 on losses in OK Zimbabwe.

There were 3 indices to dose in the positive the Property Index which rose by 0.68% to 130.05 on after ZPCs 4.17% gain to 1.25c, the Conglomerates 0.65% up to 73.46 and the Manufacturing Index which added 1.05 points or 0.41% to 257.22.

- zfn