Industrials manage 3rd straight rise

Industrials manage 3rd straight rise
Published: 03 February 2014
Heavyweight counters Delta and Econet stayed in recovery mode on Monday to help Industrials manage 3rd consecutive rise while a special deal in TSL spurred volumes.

The Industrials Index gained 1.29 points or 0.68% to 190.54 buoyed by gains in heavyweight counters Delta. Econet and Innscor.

At the close on Friday the Industrials Index was 6.37% in the red compared with a gain of 17.68% in the same period last year while the Minings Index was 23.48% down against 2013*s 29.10% gain.

Blue-chip Delta gained 2.39c or 0.87% to 121c while Econet added 0.52c or 0.87% 60.52c. Innscor also gained 0.1c or 0.13% to 75.1c while OK Zimbabwe eased a marginal 0.01c or 0.05% to 19.99c.

The Minings Index remained stable at 35.04 points as there were no trades recorded.

Daily market turnover improved to $1,981 million on a volume of 12.13 million shares against last Friday's S1.755 million on a volume of 13.61 million shares. Meanwhile a special bargain of 1 327 973 million shares worth $491 350 was executed by brokers Platinum and EFE at 37c.

Fidelity Life led the top gainers, advancing 0.5c or 5.56% to 9.5c while Pearl Properties gained 0.05c or 1.92% to 2.65c. Padenga added 0.1c or 1.25% to 8.1c while FBC traded 0.05c or 0.37% firmer at 13.5c. FML gained 0.01c or 0.15 to 10.01c.

Dual listed Old Mutual traded unchanged at 245.12c in the wake of reports that the firm is locked in a land ownership wrangle with Chief Zvimba, Stanley Mhondora, with the chief laying claim to the 6.4 hectares located in Budiriro 4, wards 23 and 24.

BAT also traded unchanged at 1350c after company finance director Peter Doona said the tobacco manufacturer has spent more than $5 million over the past 5 years in capital investments.

Bankers ZBFH led the top fallers on the board, shedding 2c or 18.18% to 9c while Zimplow Holdings eased 0.1c or 55 to 1.9c. Barclays dropped 0.2c or 4.55% to 4.2c while Edgars traded 0.5c or 4% weaker at 12c.

Astra closed 4c buyers only amid reports that the group is now focusing on expanding both its local and regional operations after regulatory authorities approved a deal to have local and foreign investors take over the Reserve Bank of Zimbabwe's 63% stake at the consortium.

The Zfn board was largely in the green as 7 indices managed gains while only 2 sectors ended in the red.

The Datvest All Share Index was 0.72 points or 0.57% better at 128.42 while the FBC ZSE-10 Index was 1.24 points or 0.93% up at 134.34.

On the downside the Allied Bank Banking Index ended 1.34 points or 1.59% weaker at 83.09 as Barclays and ZBFH traded lower while the Truworths Retail Index was 0.55% lower at 273.47 dragged down by losses in OK Zimbabwe.
- zfn

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