Industrials extend losses

Industrials extend losses
Published: 11 March 2014
Industrials extended losses during Tuesday's trading session where only 3 counters managed to trade in the positive against 10 that closed in the red amid slumping volumes.

Trading activity slowed with daily market outturn falling to below the all-important $1 million level at $635 751 on 12.69 million shares down from yesterday's $4,999 million on a volume of 11.16 million shares.

Meaningful trades were in Pearl Properties where IH Securities pushed through a special bargain of 8.158 million shares at 2.61c while in normal trades Pearl traded at 2.6c down a modest 0.01c.

TSL lost 0.20c to 37.3c in deals worth $196 596 ahead of Chemco EGM to approve its TSL offer to Chemco shareholders on Thursday. The Industrials Index dropped 0.41 points or 0.22% to 187.40 taking its losses in the year to 7.28%.

Heavyweight counters Delta and Econet were in the red and in thin volumes after losing 0.13c and 0.04c each to 122.24c and 66.96c respectively. NTS led the risers after losing 0.30c to 1.7c its lowest level in 52 weeks.

Cottco retreated 0.08c to 1.12c while NicozDiamond was 0.05c weaker at 1.3c in the wake of its December finals where MD Grace Muradzikwa said they will focus on managing costs and maintaining a healthy bottom line in F14 as revenue growth is expected to be subdued in line with a downcast economic environment.

African Sun lost 0.10c to 2.4c ahead of its AGM and EGM to approve the disposal of 406 466 976 Dawn Properties' linked units to Lengrah Investments. Dawn however added 0.07c to 0.72c.

Other counters trading in the positive were Afdis which added 1c to 32c and Hippo which closed 2c up at 75c.

The Datvest All Share Index ended 0.08 points or 0.06% weaker at 127.08 while the FBC ZSE-10 Index was 0.04 points or 0.03% up at 134.50 as gains in Hippo managed to cancel out losses in Delta and Econet.
- zfn

Comments

Latest News

Latest Published Reports

Latest jobs