Industrials logs 4th straight loss

Industrials logs 4th straight loss
Published: 12 December 2013
ZSE shares remained in the red on Thursday as most heavily capitalised counters closed weaker.

The Industrials eased 0.97 points or 0.47% to 207.32 as heavyweight counters Delta, Innscor and OK Zimbabwe traded on the downside canceling out marginal gains in Econet.

Heavyweight Delta dropped 1 c or 0.68% to 145c while Innscor eased 0.49c or 0.64% to 76.5c. OK Zimbabwe traded 0.80c or 3.67c weaker at 21c.

Blue-chip Econet gained a marginal 0.01c or 0.02% to 62.01 c after reports that the telecoms giant's EcoCash on Wednesday unveiled the EcoCash payroll which will allow subscribers to receive their salaries on their phone.

Dual listed counter Old Mutual traded unchanged at 270c in the wake of reports that the diversified insurance giant has embarked on a $62 million housing project in which it will construct 15 000 low-cost houses in various parts of the country.

The Mining Index eased 0.90 points or 2.06% to 42.87 as Bindura closed 0.10c or 5% weaker at 1.9c.

Hwange closed 6c buyers only amid reports that indigenous voices have raised eyebrows over the $260 million mining contract between Hwange Colliery Company Ltd and a Portuguese firm, Mota-Engil saying that it lacks moral wisdom.

Daily market turnover improved to $1,862 million on a volume of 49.98 million shares against yesterday's $1,045 million on a volume of 4.0/5 million shares.

Bankers NMB led the top risers on the board, advancing 2c or 40% to 7c while Turnall gained 0.50c or 10% to 5.5c. Cement manufacturer PPC added 5c or 2.08% to 245c while Aico Africa gained a marginal 0.01c or 0.13% to 8.01c.

Willdale led the top falters, shedding 0.10c or 66.67% to 0.05c while Zimplow eased 0.2c or 6.25% to 3c with a special bargain of 4,622million shares traded by brokers, Imara.

African Sun dropped 0.10c or 3.57% to 2.7c while Edgars traded 0.01c or 0.08% weaker at 13c.

Interfresh traded unchanged at 0.5c after reports that shareholders have voted in favour of delisting from the Zimbabwe Stock Exchange (ZSE) by year end as the company intensifies its capital hunt.

Bankers FBC closed 10.02c buyers only amid reports that the bank's mortgage subsidiary is targeting $5 million-plus from its international financiers to expand its housing projects next year as it seeks to continue impacting on Zimbabwe's housing backlog.

The Datvest All Share Index continues to sink dropping 0.63 points or 0.45% at 138.69 and foe FBC ZSE-10 Index lost 0.78 points or 0.53% at 145.51.

NMB's 40% rise lifted the Banking Index to a 1.03 points or 1.35% gain to close at 77.86. The Truworths Retail Index was the day's top faller losing 9.01 points or 3.02% at 282.22.
- zfn

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