Industrials extend losses

Industrials extend losses
Published: 26 February 2014

ZSE's Industrials extended losses on Tuesday as weak trades in heavyweight counters Delta and OK Zimbabwe cancelled out gains recorded in Econet, Innscor and Old Mutual while Minings recorded second straight rise on gains in RioZJm.

Out of the 62 active counters on the ZSE board a total of 38 are trading in the negative on their January 1 levels while only 15 have managed gains and 9 counters have not moved since the beginning of this year.

The Industrials Index eased 0.37 points or 0.19% to 189.88 after losses in heavyweights Hippo. OK Zimbabwe and Delta.

Blue chips Delta dropped 1.01c or 0.81% to 122.99c, Hippo closed as the top loser, shedding 4c and 5.33% to 71c while heavyweight retailer OK Zimbabwe eased 0.30c or 1.55% to 19c.

Conglomerate Innscor added 0.50c or 0.64% to 78.5c while dual listed Old Mutual gained 0.45c or 0.19% to 243c. Econet closed 1.71% firmer at 64.71c.

There was a slight drop in the total daily turnover to $643 521 on a volume of 2.599 million shares against yesterday's $660 395 on a volume of 3.350 million shares.

The Minings Index gained 0.95 or 2.77% to 35.19 after gains in RioZim which closed amongst the top risers on the market, advancing 2c or 9.09% to 35.19. Bindura close unchanged at 1.3c.

The top gainer on the day was Masimba adding 0.50c or 12.50% to 4.5c while CBZ gained 0.41c or 2.71% to 15.52c ahead of its finals and analysts briefing tomorrow scheduled for 3pm.

Cement manufacturer PPC added 4.70c or 1.80% to 265.7c while FML advanced a modest 0.10% to 10.01c.

Turnall closed buyers and sellers only at 4c and 4.5c respectively after reports that the firm's production capacity for tiles fell by 28% due to a fall in domestic demand.

The other counter to trade on the downside was SeedCo which closed 1.11% weaker at 89c.

BAT Zimbabwe dropped 5c or 0.37% to 1345c after MD Lovemore Manatsa told an analysts briefing yesterday that the firm recorded a 17% volume decline across its local brand portfolio for the year ended 31 December 2013 and management is expecting trading conditions to remain challenging in the face of a stagnant economic backdrop.

African Sun closed buyers and sellers only at 2.4c and 2.6c respectively after announcing the retraction of item number 5 on its AGM notice relating to the disposal of 406 466 976 Dawn Properties shares to Lengrah Investments as it is still going through the necessary approvals with the Zimbabwe Stock Exchange.

The Zfn board was largely mixed with the benchmark Datvest All Share Index ending unchanged at 128.55 while the heavyweights' measure, the FBC ZSE-10 Index was 0.19 points or 0.14% weaker at 136.22.

The Mining Index added 0.30 points or 2.21% to 14.09 while the Dual Listed Index was 0.55% up at 192.53 spurred by gains in Old Mutual and 0 .

All the 11 sectoral indices on the Zfn board are in the red on their January 1 levels except for the Insurance Index which is just 0.20% this year to date.

- zfn

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