Industrials scratch out modest gains

Published: 13 March 2014

There were just 2 counters to trade in the positive on Thursday but Industrials managed to scratch out modest gains helped by selected counters that had their bids closing higher than the previous trading levels as trading across the board remained uninspiring.

Hippo which closed unchanged at 75c saw its bid rising to 75c from 70c yesterday while Natfoods recorded no trades but the bid improved to 210c against its last traded price of 205c. OK Zimbabwe was also stable at 17c with buyers moving the bid to 16.5c from 16c yesterday.

The Industrials Index recovered a modest 0.10 points or 0.05% to 186.47.

CFI is one of the two counters that closed in the green adding 0.09c or 4.27% to 2.20c whilst clothing retailer Edgars closed 4.17% firmer at 12.50c after group MD Linda Masterson told an analyst briefing this week that the firm will focus on cost control, more fashion, less price and a wider choice for customers to achieve profitable growth in FY 14.

Conglomerate Innscor closed amongst the top losers, dropping a marginal 0.10c or 0.14% to 72.90c while blue chip Delta dropped 0.01% to 121.99c.

Heavyweights Econet and OK Zimbabwe traded unchanged at 65c and 17c respectively. The Minings Index remained stable with no activity by the mining counters.

Daily market turnover slightly improved to $830 940 on a volume of 8.991 million shares against yesterday's $716 586 on 7.281 million shares.

Zimplow Holdings led the top fallers on the day, shedding 0.20c or 8% to 2.30c while Cafca dropped 1.50c or 6.38% to 22c. Pearl Properties eased 0.01c or 0.38% to 2.61c.

TSL closed 0.27% weaker at 37.20c after group CE Washington Matsaira told the AGM yesterday that they are confident that they will continue to deliver a steady growth as they keep working to mitigate the impact of adverse factors such as liquidity challenges.

Fidelity Life closed sellers only at 10c after MD Simon Chapereka told an analyst briefing yesterday that the firm will focus on the development of Southview Park in FY 14 with proceeds from stand sales expected to drive the group's profitability to an estimated $30 million.

Barclays remained stable at 4c amid reports that the bank has introduced a funeral insurance facility in a bid to drive sales in long term insurance business division.

The Datvest All Share Index dropped a modest 0.03 points or 0.02% to 126.14 while the blue chips measure, the FBC ZSE-10 Index ended a marginal 0.02% weaker at 133.18.

Gains in Edgars helped the Truworths Retail Index to dose the only index to gain on the Zfn board after adding 1.41 points or 0.59% to 240.56.
- zfn