Industrials ends little changed in modest gains

Industrials ends little changed in modest gains
Published: 03 March 2014
ZSE's Minings advanced to record 4th consecutive rise on Thursday buoyed by a 43% rise in coal miner Hwange while the mainstream Industrials ended little changed in modest gains.

The Minings Index added 2.44 points or 6.63% to 39.24 but remains 14.30% down on January 1 level of 45.79. Hwange added 3c or 42.86% to close at 10c with no activity being recorded in the other 3 counters in the resources sector.

The Industrials Index recovered a modest 0.02 points or 0.01% to 189.01.

Volumes dropped compared with yesterday's with the total market turnover closing just below the psychological $1 million level at S779 628 on a volume of 10.39 million shares.

Counters trading in the positive across the board were Ariston which added 0.20c to 0.9c in the wake of its upbeat trading update while Cottco recorded its first gain since its relisting, recovering 0.10c to 0.6c.

Econet remained in favour after adding 0.54c to 65.25c while Lafarge added 1c to 81c after reports that the company is looking at investing $20 million towards the rehabilitation of its cement manufacturing plant in order to boost its volumes.

CBZ added 0.02c to 15.57c after releasing its financials where the group recorded write off totalling $32 million for the year ended 31 December 2013 as the firm continues to mobilise long term funding while lines of credit grew to $289.6 million against $178.84 million posted in the prior period.

Innscor remained stable at 78c while associate company Natfoods dropped 10c to 200c. Padenga however added 0.15c to 9.3c, its all-time high.

Dual listed Old Mutual added 0.90c to 244c while TSL picked up 1c to 37c after listing an additional 6.5 million shares as purchase consideration taking its shares in issue to 354 096 849

On the downside ABC lost 10c to 45c taking its losses in the year to 23.7% while FBC was 0.25c weaker at 13c. FML eased a modest 0.01c to 10c. DZLH lost 0.51c to 13.99c while Zimplow Holdings closed a modest 0.02c weaker at 2c ahead of its finals and analysts briefing next Wednesday.

The Datvest All Share Index however dropped 0.29 points or 0.22% to 127.79 while the FBC ZSE-10 Index was 0.74 or 0.55% to 135.03. The Mining Index on the Zfn board closed a significant 1.56 points or 10.93% up at 15.80.

- zfn

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