Industrials opens week in the red

Published: 16 December 2013

Industrials opened the week in the red as activity on the bourse continues to slow down during the festive season, logging the 6th straight loss with poor performance by heavyweight counters.

The Industrials Index eased 2.71 points or 1.33% to 201.41 dragged down by heavyweights Delta and Econet which traded on the downside.

Blue chip Delta closed 3.57% weaker at 135c while telecoms giant Econet dropped a marginal 0.20c or 0.32% to 62.8c. Meanwhile, Innscor closed unchanged at 75c after reports that the firm was found guilty of not following proper regulatory procedures in its acquisition of a majority stake in National Foods Limited (NatFoods) and could be liable to a fine as high as $60 million.

OK Zimbabwe closed buyers and sellers only at 15c and 20c respectively.

Minings Index gained 0.39 or 0.1% to 43.26 as RioZim closed amongst the top 5 risers, adding 1.01c or 3.16% to 33.01c.

Only three counters managed gains on the market, with TA Holdings leading the risers, advancing 0.50c or 8.33% to 6.50c while bankers FBC traded 3.08% firmer at 11.03c.

ABC closed buyers only at 50c after reports that the firm's directors are part of minority shareholders that have made irrevocable undertakings that they will not accept the buyout offer by majority shareholder ADC Financial Services.

The top losers were led by FML, shedding 20% to 8c while clothing retailer dropped 0.30c or 6.98% to 4c. Padenga and NMB eased 5.72% and 4.29% each to 8.40c and 6.70c respectively.

Meikles recorded a 4.17% decrease of 1c to 23c.

The Datvest All Share Index carried over last week's losing streak dropping 1.80 points or 1.31% at 135.56 while the FBC ZSE-10 Index lost 2.10 points or 1.46% at 141.31.

The Insurance Index was the biggest feller shedding 12.45 points or 10.67% at 104.23 following a 20% decline in FML.

All the sectors closed in the red except for Banking and Mining. The Banking Index added 0.32% after a gain in FBC while the Mining Index closed 0.15 points or 0.91% at 17.25 firmer on the back of a surge in RioZim.

- zfn