ZSE shares weakens further

Published: 12 March 2014

ZSE shares weakened further on Wednesday with most heavyweight counters trading southwards largely on gloomy economic outlook as depicted in the current earnings data across all sectors pointing to an underperforming economy.

The Industrials Index dropped 0.93 points or 0.50% to 186.47 dragged down largely by losses in heavyweights Delta, Econet and Innscor.

The Minings index closed 1.20 points or 3.49% in the red at 33.16 as Hwange waded back into the negative territory after losing 0.69c or 11.50% to 5.31c canceling out gains in Bindura which added 0.05c to 1.35c.

Daily market turnover stayed below the psychological $1 million level ending at $716 586 on a volume of 7.281 million shares.

There were a total of 36 counters to record trades on the day with 10 managing gains while the other 10 ended in the red and the rest remained stable at previous levels.

Blue chips Delta eased 0.24c to 122c while Econet closed 1.96c lower at 65c. Conglomerate Innscor dropped 1c to 73c.

Meikles eased a modest 0.01c to 17c after reports the group's mining company, Meikles Centar Mining Private Limited, has signed a partnership agreement with a local gold mining firm DGL Investments (Imviga) intending to buy 51% equity in the company.

Cottco eased another 0.02c to 1.1c while DZLH closed 0.64c weaker at 13.25c. Another agro-industrial concern Padenga lost 0.30c to 9c. Fidelity Life, which presents its December financials to the market this afternoon, dropped 0.50c to 9c.

NicozDiamond led the counters trading in the positive after adding 0.20c to 1.5c in the wake of its December financials where the group's gross premium written went up 21% to $30.02 million.

Star Africa recovered 0.10c to 0.9c while Pearl Properties also regained 0.02c to 2.62c. FML added 0.20c to 10.7c.

There was notable interest across the board in bankers CBZ which added 0.49c to 16.5c while CFI recouped 0.11c to 2.11c.

Also advancing were counters Afdis and African Sun which added 0.50c and 0.10c each to 32.5c and 2.5c respectively.

The Datvest All Share Index eased 0.91 points or 0.71% to 126.17 while the FBC ZSE-10 Index dropped 1.30 points or 0.97% to 133.20.

There were 4 sectoral indices to close in the positive on the Zfn board with the Insurance Index leading the pack with a 2.06% rise to 109.30 while the Tourism Index closed 1.88% up at 26.31. The Banking Index and the Property Index ended up 0.76% and 0.22% each to 77.94 and 109.30 respectively.

- zfn