Industrials slip into the negative

Published: 09 April 2014

After 2 consecutive days of moderate gains the ZSE's Industrials finally succumbed and slipped into the negative territory on Wednesday giving in to losses in Delta, OK Zimbabwe and Old Mutual as daily turnover jumped to $5,475 million.

A special bargain of 3.944 million Delta shares executed by brokers Imara at 115c saw the total market outturn jumping to $5,475 million from yesterday's $1.275million while the number of shares trading rose to 45.06 million as a result of huge volumes transacting in MedTech (19.27 million) and ZPI's 19.42 million shares.

The Industrials Index eased 1.04 points or 0.56% to 175.35 with losses in heavyweights OK Zimbabwe, Old Mutual, and Delta prevailing over gains in Innscor.

Heavyweight retailer OK Zimbabwe led the top 5 falters on the day shedding 1c or 5% to 19c while dual listed Old Mutual dropped 7c or 2.80% to 243c.

In normal trades Delta eased a modest 0.10c or 0.09% to 115c in the wake of an excise duty on bottler's sugar reprieve from government, a development analysts say will grow the beverages maker's bottom line.

Conglomerate Innscor closed amongst the four counters that traded in the green, adding 0.32% to 62.20c.

Econet closed unchanged at 62.5c amid reports that the telecoms giant reaffirmed its commitment to its investment in Mutare Bottling Company, seeing through the installation of a $17 million new line and factory investment, which will boost the firm's ability to service the southern region franchise.

The Minings Index remained stable at 28.82 with no activity by the mining counters.

The top riser was MedTech adding 0.01c or 20% to 0.06c and ZPI gained 0.05c or 5.56% to 0.95c. TA Holdings closed 3.85% firmer at 6.75c.

Bankers ABC closed buyers only at 65c after reports that the firm has secured $25 million from Germany-backed African and Trade Investment Fund for on lending to farmers in 5 countries, including Zimbabwe.

Mash led the top fallers on the market, easing 4.76% to 2c whilst SeedCo dropped 3c or 3.75% to 77c and NicozDiamond traded 3.70% weaker at 1.30c.

Willdale closed buyers and sellers at 0.07c and 1c respectively after announcing a $3,255 million renounceable rights offer in the form of 10% semi-annual redeemable convertible cumulative preference shares at a subscription price of S1 each payable on the basis of one 10% semi-annual redeemable convertible cumulative preference share for every 546.24 ordinary shares held.

The Zfn board closed in the red with the Datvest All Share Index losing 0.52 points or 0.44% to 118.47 and the FBC ZSE-10 Index shedding 0.69 points or 0.55% to 125.60.

The Conglomerates index was the only sector to manage gains after adding 0.17 points or 0.29% to 58.18 largely on gains in Innscor and TA Holdings.
- zfn