Blue chips drag ZSE Industrials lower

Published: 06 December 2013

Heavyweight counters on the ZSE closed weak on Friday dragging the Industrials lower with only three counters trading in the green.

The Industrial Index eased 1.67 points or 0.78% to 211.17 as Delta eased 1.10c to 148.9c while its associate Afdis closed buyers and sellers only at 30c and 36c ahead of its EGM on Monday to approve $5 million rights offer.

Innscor and heavyweight retailer OK Zimbabwe traded on the downside, dropping 3.75% and 023% each to 77c and 22c respectively. Meanwhile, telecoms giant Econet remained stable at 63c.

The Mining Index remained stable at 46.37 with nickel-miner Bindura trading unchanged at 2.2c.

Top riser on the market was Zimpapers, closing 11.11% firmer at 0.9c while clothing retailer Truworths added 0.25c or 6.67% to4c. Alco Africa gained 0.10c or 1.43% to 7.11c.

ZBFH closed buyers only at 11 c amid reports that the firm seeks to recruit a managing director for its flagship unit ZB Bank Limited after the bank's former MD Ronald Mutandagayi was in June elevated to CE of the group.

Fidelity Life and Hunyani led the top fallers on the day, shedding 20% each to 8c and 2c respectively. Meanwhile, reports said Hunyani yesterday appointed new managers at its divisions after former bosses were implicated in an accounts financial fixing scandal.

ZPI also closed in the red, dropping 0.05c or 3.85% to 125c while brokers Imara pushed through a special bargain of 50 million ZPI shares at 1.4c.

Bankers CBZ eased 0.40c or 2.60% to 15c and ABC dropped a marginal 0.01 c or 0.02% to 60c.

The Datvest All Share Index lost 0.84 points or 0.59% at 14128 and the FBC ZSE-10 Index dropped yet another 0.98 points or 0.66% at 148.05.

The Insurance Index reversed ifs yesterday gains shedding 3.57 points or 2.98% at 116.17 as Fidelity Life lost 20% in today's trades.

- zfn