Industrials logs 9th straight loss

Published: 19 December 2013

Industrials logged the 9th straight loss with losses in 10 counters cancelling gains in Delta and OK Zimbabwe while Minings closed in fie green with Hwange leading the top 5 risers.

The Industrials Index eased 0.64 points or 0.32% to 198.95 ahead of the national budget presentation by finance minister Patrick Chinamasa this afternoon.

Heavyweights, Delta gained 0.10c or 0.07% to 135.1c while OK Zimbabwe added 0.90c or 4.71% to 20c. Meanwhile, Innscor traded unchanged at /5c.

Blue-chip Econet also traded unchanged at 62c after reports that the ugly fight between banks and Econet has sucked in its subsidiary Steward Bank, amid revelations other banks have refused the bank entry onto the popular ZimSwitch platform, which is controlled by the banking industry.

The Minings Index gained 2.46 points or 5.68% to 45.76 as Hwange and Bindura added 28.57% and 5.26% each to 9c and 2c respectively to cancel out losses in Falgold and RioZim which eased 16.67% and 0.33% each to 5c and 33c respectively.

Daily market turnover dropped to $1,141 million on a volume of 3.181 million shares against yesterday's $2,290 million on a volume of 24.37 million shares.

Star Africa added 0.09c or 8.91% to 1.1c. TSL advanced 3c or 8.57% to 38c while FML traded 0.5c or 6.255 firmer at 8.5c.

Other notable risers, Dawn added 0.01 c or 0.99% while bankers CBZ gained a marginal 0.01c or 0.07% to 15.01c.

Art led the top fallers on the day, shedding 0.10c or 33.33% to 0.2c after CE Richard Zirobwa told analysts yesterday that the firm is seeking $15million capital to fund its operations over the next five years.

The other top faller, ZHL dropped 0.2c or 11.76% 1.5c. African Sun and Masimba eased 0.2c and 0.5c each or 7.69% to 2.8% and 6c respectively.

Edgars traded 0.47c or 3.76% weaker at 12.03c while dual listed Old Mutual dropped 10c or 3.7% to 2.6c. Pearl Properties eased 0.1c or 3.7% to 2.8c and Barclays dropped 0.1c or 2.15% to 4.55c.

Cement manufacturer PPC traded 5c or 2.08% weaker at 235c.

The Datvest All Share Index snapped the losing trend gaining a marginal 0.29 points or 0.21% to close at 134.10 while the FBC ZSE-10 Index added 0.20 points or 0.14% at 139.59.

Mixed trades were recorded amongst the sectors with notable gains being recorded in Mining (+6.13%), Truworths Retail Index (+3.31%) and Conglomerates Index (+1.82%).

Losses in Old Mutual and PPC dragged the Dua-Listed Index to a 6.93 points or 3.38% fall at 197.73. The Tourism Index also traded in red after a 7.69% drop in African Sun.
- zfn