Industrials advances in mixed trading

Published: 01 April 2014

ZSE shares were largely mixed on Tuesday by Industrials continued to advance on gains in selected heavyweights.

The Industrials Index gained 0.33 points or 0.19% to 176.65 with gains in heavyweights OK Zimbabwe and Econet cancelling losses in Old Mutual, Innscor and Delta.

Blue chip Econet added 0.40c or 0.64% to 62.52c while heavyweight retailer OK Zimbabwe advanced 1c or 5.41% to 19.5c.

Dual listed Old Mutual closed amongst the top fallers on the day, dropping 5c or 1.96% to 250c amid reporls that the firm and the National Social Security Authority last week purchased Treasury Bills worth $30 million that were floated by the Reserve Bank of Zimbabwe.

Heavyweight Innscor dropped a marginal 0.32% to 62c while its associate Natfoods added 10c or 4.65% to 225c. Meanwhile, Delta eased 0.01 %

The Minings index remained stable at 29.51 with Bindura, Hwange and RioZim trading unchanged at 1.3c, 6c and 20c respectively.

Daily market turnover slightly dropped to $825 664 on a volume of 2.181 million shares against yesterday's $972 938 on 3.098 million shares.

Zimpapers led the top risers adding 0.10c or 10% to 1.1c after reporting that its Newspaper Division again carried the group's performance in the year to December but losses in the commercial printing division and the"broadcasting division saw the group restrict its profit to just $535 955.

Other risers were Star Africa and bankers ZBFH which gained 9.76% and 5.88% each to 0.9c and 9c respectively. Clothing retailer Edgars traded 4.17% firmer at 12.5c.

The top faller on the market was bankers NMB, shedding 1c or 25% to 3c while FML eased 1c or 11.11% to 8c. DZLH dropped 10% to 9c and FBC closed 0.79% weaker at 12.5c.

ABC closed buyers only at 47c after publishing a further cautionary statement advising shareholders that Atlas Mara Co-Nvest Limited (Atlas Mara) has entered into conditional purchase agreements with selected shareholders of ABC Holdings Limited (ABCH), to acquire, for cash or shares, ABCH shares representing 50.1% of the total shares issued at a price of 82c per share or the equivalent in Atlas Mara shares

The Datvest All Share Index added 0.29 points or 0.24% to 119.49 while the FBC ZSE Index was 0.67 points or 0.54% up at 126.41.

OK Zimbabwe's rising streak helped the Truworths Retail Index to rise by 12.64 points or 4.97% to 267.13.

The Insurance Index dropped a significant 6.23 points or 6.49% to 89.74 as FML continues to trade weaker.
- zfn

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