Econet drags ZSE Industrials lower

Published: 16 January 2014

There were just 3 counters to trade in the red against 6 that managed gains on Thursday but losses in Econet, which accounts for 10.65% of the Industrials Index, saw the mainstream index ending in modest losses.

The Industrials Index eased 0.02 points or 0.01% to 203.27 after sluggish trades across the board.

Blue-chip Econet weighed heavily on the mainstream index after dropping 0.2c or 0.32% to 63c.

Heavyweights, OK Zimbabwe gained a marginal 0.01c or 0.05% to 20.01c while Delta and Innscor traded unchanged at 140c and 80c respectively.

The Minings index also eased 0.45 points or 1.15% to 38.66 after Bindura led the top fallers across the board, shedding 0.05c or 2.86% to1.7c.

Daily market turnover significantly dropped to $565 812 on a volume of 4.981 million shares compared to yesterday s $1.496 million on a volume of 3.790 million shares.

Pearl Properties led the top risers, advancing 0.25c or 10% to 2.75c while Meikles gained 0.5c or 2.63% to 19.5c.

Dual listed Old Mutual added 1 86c or 0.77% to 244c while Padenga gained a marginal 0.01c or 0.12% to 8.2c. CBZ also picked up a marginal 0.01c or 0.07% to 15.01c.

Another dual listed counter PPC however dropped 5c or 2.04% to 240c.

ABC closed 59c buyers only amid reports that there has been slow up-take of the 60c mandatory offer share price ADC Mauritius made to ABC Holdings minorities when the former increased its stake above the threshold exempt from the compulsory offer regulations.

The Zfn board saw only 2 indices ending in the red while 7 indices managed marginal gains.

The Datvest All Share Index ended in the positive after gaining a modest 0.02% to 136.48 while the blue chips measure, the FBC ZSE-10 Index was 0.05% weaker at 143.88.

Gains in Pearl Properties helped the Property Index to gain a significant 2.62 points or 2.31% to 115.76.
- zfn