Industrials stuck in the red at week's end

Published: 14 February 2014

ZSE's Industrials continued to tread in negative territory ending the second consecutive week in the red with no indications whatsoever when the market is likely to bounce.

Volumes which made a temporary recovery yesterday plummeted again to below $500 000, ending at $442 583 on a volume of 3.714 million shares compared with $4,209 million on a volume of 22.30 million snares that traded yesterday.

The number of shares traded in the week dropped to 31.60 million with a value of $5 694 million from last week's 38.40 million shares worth $8,302 million.

The Industrials Index eased 0.52 points or 0.27% to 188.99 with heavyweights Econet, Hippo and OK Zimbabwe trading on the downside while Delta and Innscor closed unchanged.

Telecoms giant Econet dropped a marginal 0.01c or 0.02% to 62c and heavyweight retailer OK Zimbabwe traded 2.50% weaker at 19.5c. Hippo closed amongst the top fallers on the day, shedding 4c or 5.33% to 71c.

Blue chips Delta and Innscor closed unchanged at 123.01c and 76c respectively.

The Minings Index remained stable at 33.61 with no activity by the resources counters.

ZHL led the top 5 risers on the market adding 0.20c or 20% to 1.20c and TA Holdings gained 1.02c or 14.57% to 8.02c. Padenga added 0.90c or 11.11% to 9c while cement manufacturer PPC closed 0.39% firmer at 256c.

Clothing retailer Truworths advanced 0.01c or 0.25% to 4.01c. The other counter to trade in the green was TSL, picking a marginal 0.01c or 0.03% to 36.01c.

Ariston closed buyers and sellers only at 0.4c and 0.7c respectively ahead of their AGM today scheduled for 2pm.

The top loser was Pelhams, dropping 0.04c or 80% to 0.01c while Turnall eased 1c or 20% to 4c. Star Africa and Meikles dropped 10% and 4.76% each to 0.90c and 20c respectively.

Edgars closed 4% weaker at 12c and Pearl Properties recorded a 3.46% decrease of 0.09c to 2.51c. Seedco eased 1c or 1.10% to 90c.

Bankers CBZ remained stable at 15c amid reports that the bank has agreed on a settlement plan with Reserve Bank of Zimbabwe's subsidiary Tuli Coal following plans to attach the latter's property over an unspecified debt.

NMB closed buyers and sellers only at 6c and 6.7c respectively after reports that Proparco, a French Development Finance Institution yesterday signed a 5-year loan agreement of $10 million with the bank, cementing France's growing investment interest in the country.

The Zfn board remained largely in the red with the benchmark Datvest All Share Index easing 0.43 points or 0.34% to 127.35 taking losses in the year to 6%.

The heavyweight's measure, the FBC ZSE-10 Index was also 0.50 points or 0.37% weaker at 134.77 and is now 4.91% down this year so far.
- zfn