Industrials opens week lower as Delta continues to weaken

Published: 20 January 2014

ZSE's Industrials weakened further at week's opening as Delta recorded another loss in the wake of its lacklustre trading update for the third quarter to December 2013 where it reported flat total beverage volumes.

The Industrials Index eased 1.25 points or 0.62% to 201.48 and is now 0.32% down on the January 1 level of 202.12.

Telecoms giant Econet gained 0.51c or 0.83% to 62.01c but this was outweighed by Delta's 2.99c or 2.15% loss to 136c.

Delta is reportedly closing its Marondera and Karoi opaque beer breweries in a rationalisation process that will result in more closures as the company consolidates production and marketing of its new product Chibuku Super.

Afdis gained 2c or 6.67% to 32c following the listing of 15.45 million rights offer today taking its total shares in issue to 111.4 million.

Conglomerate Innscor and retailer OK Zimbabwe traded unchanged at 80c and 20c respectively.

The Minings Index also eased 0.45 points or 1.16% to 38.37 as Bindura eased 0.05c or 4.55% to 1 65c while there was no other activity recorded on the mining counters.

Total market turnover for the day was $1.403 million on a volume of 3.204 million shares.

TA Holdings led the top risers on the board, advancing 0.5c or 8.33% to 6.5c while ABC added 1c or 1.695 to 60c. Mash picked up 0.05c or 1.56% to 3.25c.

The top faller on the market was RTG, shedding 0.4c or 25% to 1.2c while Masimba dropped 0.5c or 7.69% to 6c. ZPI eased 0.05c or 4.55% to 1.05c while Star Africa traded 0.02c or 1.965 weaker at 1c.

Other counters to trade in the red, Fidelity Life eased 0.03c or 0.25% to 11.97c while dual listed Old Mutual dropped 0.4c or 0.16% to 245c. CBZ to traded in the red, shedding 0.01c or 0.07% to 15c.

Natfoods closed 200c buyers and 250c sellers only in the wake of reports that the firm is scheduled reopen its Mutare maize mill today, which has been inactive for the past 6 years.

The Zfn board was largely in the red with Datvest All Share Index dropping 0.78 points or 0.57% to 135.34 while the FBC ZSE-10 Index was 0.85 Mints or 0.59% lower at 142.48.

Significant losses were recorded in the Tourism sector which lost 4.36 points or 14.52% to 25.70 following RTG's 25% loss and the Manufacturing Index which dropped 3.80 points or 1.47% to to 254.01.

- zfn