Innscor helps Industrials close year firmer

Published: 16 January 2014

Conglomerate Innscor extended gains on Tuesday to help ZSE Industrials close the year in the positive.

Industrials gained 0.87 points or 0.43% to 202.12 with gains in blue chips Innscor and Old Mutual while the Minings Index remained stable at 45.79.

The Industrial Index has soared 32.62% while the Mining Index has eased 29.68% this year. Top counters in 2013 with higher YTD gains were GB (+700%), BAT (+233.3%), TSL (+230.4%), African Sun (+200%) and Pioneer (+200%).

The laggards' list was led by suspended PG (-80%), Art (-62.3%), Falgold (-58.3%), Pelhams (-50%) and Hwange (-47.1%).

There were no new listings during the year due to the slowdown in the economy. 3 companies were suspended that is Phoenix, PG and Trust after failing to meet ZSE Listing requirements. "The later was however de-listed and removed from the official ZSE list after the RBZ cancelled their banking license. Other counters that were removed form the official ZSE list are Barbican, Cairns, Lifestlye, Apex, Gulliver, Redstar, TZI, and Steelnet.

Innscor closed as the top riser on Tuesday, adding 13c or 17.33% to 88c amid reports that the group's unit Spar Zimbabwe appears bullish about medium to long-term prospects of the local retail sector amid revelations it has entered into a long-term lease agreement for the use of a multi-million dollar warehouse being funded by the Zesa Employees and Pension Fund along the Harare-Chitungwiza highway.

Meanwhile, Innscor's associate, Natfoods eased 10c to 200c.

Dual-listed Old Mutual gained 23c or 10% to 253c. Blue chips, Delta and Econet remained stable at 140.1c and 60c.

Hippo advanced a marginal 0.01% to 90.02c while heavyweight retailer OK Zimbabwe dropped 0.10 or 0.50% to 20c.

Daily market turnover significantly improved to $1.378million on a volume of 4.597million shares against yesterday's $661 663 on a volume of 3.026million shares.

CBZ closed unchanged at 15c after reports that the firm secured $8.3 million loan from Shelter Afrique, a Pan-African financial institution, for development of a low cost housing project in Gweru.

Other risers included Masimba and RTG which gained 8.33% and 6.67% each to 6.5c and 1.6c respectively. African Sun added 3.85% to 2.7c and ZHL dosed 3.57% firmer at 1.45c.

Bankers FBC added 3.05% to 13.5c and PPC picked 5c or 2.13% to 240c. Meikles recorded a modest increase of 0.05% to 19c and ZBFH gained 0.10c to 11.1c.

Aico Africa led the top fellers on the day, shedding 14.29% to 6c while Cafca and Zimplow dropped 12.50% each to 28c and 3.5c respectively.

Star Africa and Tumall eased 9.09% each to 1c and 5c respectively whie bankers NMB closed 2.99% weaker at 6.5c

PG Industries closed sellers only at 0.1c after an announcement that the counter has been suspended from trading on the bourse.

The Datvest All Share Index added 1.64 points or 1.22% at 136.51 while the FBC ZSE-10 Index rose 2.42 points or 1.72% at 143.12.

The Conglomerates Index was the top riser edging up 11.53% at 75.62.

The Dual-listed Index made a 14.84 point or 8.27% come-back after Old Mutual climbed 10%. The Tourism Index climbed 1.58 points or 5.44% at 30.55 on the back of gains in RTG and African Sun.

Only 3 sectors closed in the negative namely Agri-Industrial (-1.09%), Manufacturing (-0.58%) and Truworths Retail (-0.41%)
- zfn