Industrials falters for the ninth straight session

Published: 24 January 2014

ZSE's Industrials stayed in the negative territory for the 9th straight session on Friday as trading on the main board remained sluggish.

The Industrials Index lost 1.28 points or 0.65% to 195.27 taking its losses this year so far to 3.39%.

This week to date the Industrials Index has lost 7.46 points or 3.68% while the Minings Index dropped 3.33 points or 8.58%.

The mainstream index also slipped below the all-important psychological level of 200 points during the week and is currently at levels last reached in September last year.

Conglomerate Innscor was the only notable heavyweight counter to weigh heavily on the mainstream index on Friday after dropping 2.99c or 3.83% to 75.01c as its shareholders were meeting to approve the company's Indigenisation Implementation Plan.

Econet gained a marginal 0.1c or 0.02% to 60c while Delta and OK Zimbabwe traded unchanged at 128c and 20.51c respectively.

The Minings Index gained 0.31 points or 0.88% to 35.49 as Hwange traded amongst the top 5 gainers on the board, advancing 0.5c or 9.09% to 6c while Bindura gained 0.01c or 0.78% to 1.3c.

Daily market turnover dropped to $1.878 million on a volume of 6.451 million against yesterday's $2,557 million on a volume of 4.718 million shares. Market turnover for the whole week was $9,110 million on a volume of 23.47 million shares.

African Sun led the top gainers, advancing 0.30c or 12.5% to 2.7c while Pearl Properties gained 0.03c or 1.12% to 2.7c. Bankers FBC added 0.08c or 0.61% to 13.1c while Barclays gained 0.01 or 0.25% to 4.01c.

Top faller on the market was FML which dropped 1c or 9.09% to 10c while dual listed counter Old Mutual eased 10c or 4.17c to 230c. Hippo traded 3c or 3.06% weaker at 95c while Dawn dropped 0.01c or 0.99% to 1c.

Retail counter Truworths also traded in the red, shedding 0.01c or 0.25% to 4c.

The Datvest All Share Index dropped 0.63 points or 0.48% to 131.91 taking its losses this year so far to 3.10% but is up 18.07% on a year on year basis.

The FBC ZSE-10 Index closed 0.88 points or 0.64% in the red at 137.08 and is now 3.28% down this year to date while it is up 19.26% on a year earlier.

On a week on week basis the Datvest All Share Index has dropped 4.83 points or 3.55% while the heavyweight's measure is 6.26 points or 4.37% in the red.

Other sectors which recorded significant losses included the Insurance Index's 5.38% drop to 109.48, the Dual-Listed Index 3.25% weaker at 181.14 and the Conglomerates which closed 2.58% lower at 68.29.

Indices to manage gains on the Zfn board were the Tourism Index which recovered 1.45 points or 5.88% to 26.19, the n up 2.11% to 14.32, the Banking Index 0.16% better at 82.50 and the Property Index which rose by 0.09% to 114.51.

The Mining Index is however a significant 21.86% down since January 1 at the same time it is also 52.15% in the red on a year earlier.

- zfn