ZSE Industrials continue to recover

Published: 04 February 2014

ZSE's Industrials extended gains on Tuesday as heavyweights Delta and Econet continued to recover from last week's losses while daily market turnover improved to $3,056 million.

The Industrials Index gained 1.22 points or 0.64% to 191.51 with gains in heavyweights Delta and Econet.

The mainstream index however remains 5.25% in the red on a year to date basis while the resources index is now 26.73% down since January.

Blue chip Delta recorded a further gain of 2.07% to 123.50c while Econet added 0.48c or 0.79% to 61c amid reports that the telecoms giant has registered over 3.5 million subscribers on its EcoCash mobile money platform.

Conglomerate Innscor traded on the downside, shedding a marginal 0.10c or 0.13% to 75c as its subsidiary Colcom led the top fallers on the market, dropping 4c or 16.67% to 20c.

Heavyweight retailer OK Zimbabwe closed sellers only at 20c.

The Minings Index eased 1.49 or 4.25% to 33.55 as Bindura traded amongst the top risers, adding 0.05c or 4% to 1.3c while Falgold remained stable at 6c.

RioZim closed sellers only at 25c down from 30c in the wake of reports that the firm has engaged international investors for the Sengwa power project in Gokwe and expects to conclude talks soon.

There was a significant increase in the daily market turnover to $3,056 million on a volume of 20.21 million shares with brokers Platinum executing another special bargain in TSL of 1.385 shares at 37c. Yesterday's turnover was $1,981 million on a volume of 12.13 million shares.

The top riser on the day was TA Holdings which added 0.50c or 7.69% to 7c while Masimba gained 0.25c or 5% to 5,25c. FML closed 4.90% firmer at 10.5c.

Meikles, Seedco and ZHL advanced 0.48%, 0.55% and 1% each to close at 21.1c, 91.5c and 1.01c respectively. Meanwhile, cigarette manufacturer BAT picked 20c to 1370c.

Bankers NMB closed buyers and sellers only at 5.5c and 7c respectively after reports that they managed to raise $4 million during the floatation of the first tranche of its two-year $50 million mortgage-backed Small to Medium Enterprises bond issue which opened during the last quarter of 2013.

Other top losers on the board were Dawn, Mash and Zimpapers, easing 10%, 6.25% and 6.25% each to 0.9c, 3c and 0.75c respectively.

FBC closed 3.70% weaker at 13c while Fidelity Life dropped 0.20c or 2.11% to 9.3c and Pearl Properties eased 0.05c to 2.6c.

The Datvest All Share Index was 0.72 points or 0.56% better at 129.14 while the FBC ZSE-10 Index added 1.40 points or 1.04% to 135.74.

The Property Index dropped a significant 5.4 points or 5.04% to close at 108.25 dragged by losses in Dawn and Pearl Properties.
- zfn