Industrials slides further on Delta trading update

Published: 17 January 2014

Industrials recorded their 4th straight loss on Friday exacerbated by an uninspiring 2013 third quarter trading update from Delta and selected losses across the board.

The Industrials Index eased 0.54 points or 0.27% to 202.73 dragged by losses in blue chips Delta, Econet and OK Zimbabwe.

Delta dropped 1.01c or 0.72% to 138.99c after publishing a trade update for the 3rd quarter ended December 31,2013 saying total beverage volume for the quarter was flat against the same period last year and up 2% for the 9 months to December 31 2013.

Blue chips Econet and OK Zimbabwe traded on the downside, shedding 0.30c and 0.01c each to 61.5c and 20c respectively.

Meanwhile, conglomerate Innscor closed unchanged at 80c amid reports that the firm has moved its headquarters to Mauritius as part of a calculated move to enhance access to cheaper finance to support its domestic and foreign expansion programme.

Dual listed Old Mutual traded in the green, adding 1.40c or 0.57% to 245.4c.

The Minings Index gained a modest 0.16 or 0.41% to 38.82 with gains in Hwange which added 0.01c or 2.17% to 6.13c.

The top gainer on the market was Ariston, advancing 0.10c or 20% to 0.60c while FML gained 1c or 10% to 11c. CFI picked 0.10c to 3.60c and cement manufacturer closed 0.83% firmer at 242c.

African Sun led the top fallers, easing 0.20c or 7.14% to 2.60c. Bankers NMB dropped 0.20c or 2.99% to 6.50c while Meikles traded 2.56% weaker at 19c.

Another counter to trade in the red was Padenga which recorded a 2.44% decrease of 0.20c to 8c.

ZBFH closed buyers only at 11c after reports that plans to merge its bank and building society are at an advanced stage and the completion of the process is expected in the next few months.

On the Zfn board a total of 7 indices ended the week in the red while only 4 closed in the positive.

The Datvest All Share Index dropped 0.37 points or 0.27% to 136.11 while in the week the benchmark index is down 0.82%. The FBC ZSE-10 Index 0.38% weaker at 143.34 while in the week it was also 0.89% in the red.

The Tourism Index ended 0.97 points or 3.13% to close at 30.06 dragged down by losses in African Sun.

The Insurance Index recorded another significant gain of 6.23 points or 5.46% to 120.20 buoyed by gains in First Mutual Holdings.
- zfn