Industrials snaps prolonged losing streak

Industrials snaps prolonged losing streak
Published: 28 March 2014
ZSE's Industrials snapped its lengthy losing streak to close in the positive territory albeit in thin volumes on Friday helped mostly by quarter end window dressing.

The bias across the board was notably on the upside for the last trading days of this year's gloomy first quarter. The last day of trading for the quarter is on Monday.

Daily volumes weakened further with today's outturn dropping to $414 612 on just 1.792 million shares compared with yesterday's $1,037 million on 5.160 million shares.

Weekly volumes however recovered to $7,621 million on a volume of 53.87 million shares from last week's 40.40 million shares worth a paltry $3,267 million shares.

The Industrials Index recovered 0.70 points or 0.40% to 175.94 as the number of counters trading in the positive outnumbered those trading in the negative by 6 to 4.

The mainstream Industrials is however 2.85% down in the week to date while the Minings Index dropped a significant 9.31% in the past 5 days.

Among the counters trading in the positive were blue chips Econet, which recovered 1c to 61c, OK Zimbabwe 0.50c better at 18.5c and Old Mutual which retraced 2.99c to 254.99c.

Meikles also advanced 0.50c to 17c while Truworths led the day's top risers after recovering 0.49c to 3.49c. Zimplow Holdings also recovered 0.20c to 2.5c.

Other blue chips Delta and Innscor stayed unchanged at 115c and 62c respectively.

On the downside Star Africa was the hardest hit after losing 0.18c or18% to 0.82c while dual listed PPC closed 10c weaker at 230c.

Insurance counters closed weak with Fidelity Life losing 0.50c to 8.5c while FML dropped 0.49c to 9.5c after OE Doug Hoto told analysts yesterday that the group had met the "century target0 of $100 million on total income.

The Zfn board was also largely in the positive with only one sector, the Insurance Index closing in the negative.

The Datvest All Share Index recovered 0.55 points or 0.46% to 118.69 while the blue chips measure, the FBC ZSE-10 Index lost 0.77 points or 0.62% to 125.04.
- zfn


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