Industrials extend run as Delta remains upbeat

Published: 13 November 2013

ZSE's heavily capitalised counter Delta remained buoyant on Wednesday to help Industrials extend rising streak ahead of its presentation of September interims to the market this afternoon.

The Industrials Index gained a marginal 0.20 or 0.09% to 215.38 as gains in Innscor, Delta and Old Mutual managed to cancel out losses in Econet and Natfoods.

Blue chip Delta added 1.90c or 1.33% to 145c but is still 7.64% down from its all-time best of 157c.

Innscor added 1 c or 1.16% to 87c with its associate Natfoods leading the top 5 fallers, shedding 25c or 10.42% to 215c alter group CE said the firm will Invest $30 million in upgrading its flour mills to boost revenue as the company battles imports that have eaten into its market share.

Old Mutual advanced 5c or 1.89% to 270c its all-time best and takes its gains in the year to 77.6%.

Hippo remained stable at 115c after revenue for the 6 months to 30 September dropped 43% to $52 million from $90.7 million as the business experienced severe pressure from significantly lower international sugar prices and from a surge in sugar imports into the domestic market which significantly reduced domestic sales volume.

Meanwhile, Colcom traded unchanged at 27c ahead of its AGM on Friday.

Econet closed amongst the top 5 fallers, easing 1.99c or 3.16% to 61 c while OK Zimbabwe remained stable at 25c.

The Minings Index pained 0.45 or 0.98% to 46.54 as Falgold led the risers together with Interfresh adding 50% or 2c to 6c while nickel miner Bindura recorded a 2.70% increase of 0.05c to 1.9c. Hwange traded unchanged at 10c.

Turnover dropped to $1,234 million on a volume of 6.928 million shares against yesterday's $1,765 million on a volume of 4.811 million shares.

Interfresh added 0.50c or 50% to 1.5c while DZLH closed 5.61% firmer at 19.01c. Bankers, CBZ advanced 0.50c or 3.33% to 15.5c.

Willdale closed buyers only at 02c after reports that the brick maker is contemplating leasing out its Tenerife factory to an unnamed Chinese firm in a development will see the firm virtually surrender production at the Mount Hampden site.

Padenga was one of the three counters to trade on the downside, easing 0.20c or 2.22% to 8.8c.

The Datvest All Share Index however dropped 0.20 points or 0.14% to 143.29 while the FBC ZSE-10 Index was 0.39% weaker at 149.74.

The Mining Index recovered 0.81 points or 4.57% to 18.59 on gains in Bindura and Falgold while the Dual Listed Index was 1.50% firmer at 206.50 as Old Mutual jumped to an all-time high of 270c.
- zfn