Industrials open new month firmer

Published: 03 March 2014

ZSE's Industrials opened the new month of March in the positive as blue chips Delta and Econet continued to recover from last week's losses while Minings retreated on losses in RioZim in sluggish Monday trades.

The Industrials Index gained 0.28 points or 0.15% to 189.73 with gains in heavyweights Delta and Econet while Innscor and OK Zimbabwe closed unchanged.

Blue chip Delta added 0.52c or 0.43% to 122.52c trading amongst the top risers on the market together with its subsidiary Afdis which closed 6.67% firmer at 32c. Meanwhile, Econet advanced 0.20c or 0.31% to 65.5c.

Conglomerate Innscor remained stable at 78c and OK Zimbabwe also closed unchanged at 19c.

The Minings Index eased 1.17 or 2.98% to 38.07 as RioZim traded amongst the top 5 fallers, shedding 3c or 12% to 22c.

Daily market turnover significantly dropped to $160 519 on a volume of 1.488million shares against Friday's $645 132 on a volume of 13.42million shares.

Top riser on the day was MedTech, gaining 0.01c or 25% to 0.05c while Ariston added 0.10c or 10% to 1.1c. RTG closed 8.33% firmer at 1.3c.

Bankers CBZ added 0.03c or 0.19% to 15.58c after reports that the bank will begin developing its $66.7 million land bank into low-cost housing by June as the group moves to mitigate the nation's housing shortages.

DZLH advanced a marginal 0.01c or 0.07% to 14c.

Cement manufacturer Lafarge closed buyers and sellers only at 81c and 100c after reports that the firm's market demand for cement continues to be predominantly driven by individual home builders constituting round 60% of the total demand.

CFI closed as the top loser shedding 1c or 33.33% to 2c amid reports that 4 potential investors have shown an interest in snapping CFI Holdings' 49% stake in milling unit, Victoria Foods, barely a week after the proposed sale to a South African suitor fell through.

Astra dropped 1c or 20% to 4c while TA Holdings traded 11.76% weaker at 7.5c. Cafca eased 2c or 8% to 23c and ZPI dropped 0.06c or 6.59% to 0.85c.

Other counters to close in the red were Fidelity Life, Meikles and NTS which eased 0.50c, 1c and 0.10c each to 9c, 19c, 2c and 1c respectively. ZHL recorded a 0.99% decrease of 0.01c to 1c.

The Datvest All Share Index added 0.12 points or 0.09% to 128.24 while the FBC ZSE-10 Index was 0.23% up at 135.45. The Tourism Index recovered 1.09 points or 4.33% to 26.31 after RTG recovered 8% to 1.3c.
- zfn