Industrials stays in the positive

Published: 16 January 2014

ZSE's Industrials managed to stay in the positive side on Monday buoyed by significant deals in Econet, OK Zimbabwe and Old Mutual.

The Industrials Index gained a marginal 0.17 or 0.08% to 204.17 while the Minings Index remained stable at 41.97 with no activity by the mining counters.

Telecoms giant Econet added 0.79% to 63.5c while heavyweight retailer OK Zimbabwe closed 0.50% firmer at 20c.

Old Mutual advanced 1.51c to 242.01c amid reports that the firm is planning to customise its shopping malls around the country to meet the needs of small to medium scale companies.

Blue chip Delta closed unchanged at 142c while its subsidiary Afdis closed amongst the top gainers, adding 1c or 3.33% to 31c. Another blue chip Innscor also closed unchanged at 80c.

Daily market turnover slightly dropped compared with last Friday's but remains reasonable at $3,266 million on a volume of 23.962 million shares from Friday's $3,585 million on a volume of 8.650 million shares.

Top gainer on the day was Cafca adding 2c or 7.14% to 30c while ZPI gained 4.76% to 1.10c. Meanwhile, African Sun added 0.10c or 3.70% to 2.80c after saying that the firm's debt restructuring process will be complete before the end of the first half.

Padenga closed 2.50% firmer at 8.20c. DZLH, Edgars and FML advanced 1.97%, 1.59% and 1.12% each to 15.5c, 12.8c and 9c respectively. Ariston led the top fallers, shedding 0.29c or 32.58% to 0.60c and Aico Africa dropped 0.51c to 5.50c. Fidelity Life eased 1c or 7.69% to 12c. Other top fallers are Pearl Properties and NicozDiamond which dropped 7.41% and 6.90% each to 2.50c and 1.35c respectively. Meikies recorded a 0.52% decrease of 0.10c to 19c while Dawn eased 0.99% to 1c.

TSL closed sellers only at 39c after reports that the firm is set to acquire a majority stake in Premier Forklifts, a Harare based company to complement its logistics division.

The Datvest All Share Index added 0.12 points or 0.09% to 137.35 while the FBC ZSE-10 Index was 0.33 points or 0.23% firmer at 144.96.

The Tourism Index recorded notable gains on the day after adding 0.48 points or 1.59% to 31.03 on gains in African Sun.

There were 4 indices to record losses on the Zfn board with the Insurance Index taking the heaviest knock after losing 2.09 points or 1.90% to 107.75. Other sectors to record losses were the Property Index (-1.37%), Agri-Industrial Index (-1.17%) and the Conglomerates which slid a modest 0.04% to 71.13.

- zfn