ZSE Industrials snap winning streak

Published: 14 November 2013

Industrials snapped the rising streak on Thursday after the market's heavily capitalised counters closed largely mixed in a rather sluggish trading session.

The Industrials Index eased 0.30 or 0.14% to 215.08 with Old Mutual and Delta closing in the green while other blue chips Econet Innscor and OK Zimbabwe traded unchanged.

Delta added a marginal 0.50c or 0.34% to 145.5c after recording a 4% growth in volumes for the half year ended 30 September 2013 driven by growth in sorghum beer although excise duty increase continues to put pressure on the lager beer category.

Meanwhile, Delta's associate Afdis close buyers only at 32c in the wake of reports that they have begun talks that could possibly result in Delta, increasing its shareholding in the company.

Old Mutual advanced another 5c or 1.85% to dose at another all-time best of 275c.

Blue chips, Econet and Innscor remained stable at 61 c and 87c respectively. Heavyweight retailer, OK Zimbabwe also traded unchanged at 25c ahead of the group's interims and analysts briefing next week.

The Minings Index also eased 0.45 points or 0.97% to 46.09 as Bindura closed amongst the top 5 fallers, shedding 1.85c or 2.63% to 1.85c. Hwange traded unchanged at 10c.

Market turnover dropped to $857 981 on a volume of 2.699 million shares against yesterday's $1.234 million on a volume of 6.928 million shares.

MedTech led the top risers on the market adding 0.02c or 40% to 0.07c while Zimpapers gained 0.10c or 12.50% to 0.9c. Padenga advanced 2.27% to 9c.

Meikles remained stable at 27c after reports that the group has abandoned plans to build a new 5-star hotel in Lusaka, Zambia, due to a number of similar projects being undertaken by other investors in the Zambian capital. Meanwhile, the group has also completed the $9 million extensive refurbishment of its prime hospitality unit, Meikles Hotel, as the diversified concern repositions the brand.

The top loser on the day was Zimplow Holdings, dropping 0.48c or 12% to 3.52c and SeedCo eased 8.99% to 90.1c after reports that the company is close to sealing a deal for the disposal of Is cotton planting seed unit, Quton, to an Indian firm Mahyco.

Turn all closed 3.64% weaker at 5.3c whie cement-manufacturer PPC dropped 1.01c or 0.40% to 250c.

Fidelity closed sellers only at 11c in the wake of reports that the firm is set to inject a combined $600 000 together with its South Sudanese short-term insurance partner into their joint venture after getting the nod to proceed with the deal from the RBZ and the Insurance and Pensions Commission.

The Datvest All Share Index dropped another 0.26 points or 0.18% to 143.03 while the heavyweight's measure, the FBC ZSE-10 Index was 0.27 points or 0.18% weaker at 149.47.

There were only 2 indices to record gains on the Zfn board, the Dual Listed Index up 1.39% to 209.38 as gains in Old Mutual outweighed losses in PPC and the Manufacturing Index up 0.11% at 268.09.

Losses in SeedCo saw the Agri-Industrial Index losing a significant 2.53 points or 2.93% to 83.75.

- zfn