ZSE Market Report:- Volumes soar as blue chips rally

Published: 10 June 2013

ZSE's Industrials Index jumped 2.23% at week's ending after a sustained rally in heavily capitalised stocks while volumes improved with the total market turnover rising to its best level so far this year at $3,273 million.

The Industrials Index added a significant 3.49 points or 2.23% to 159.90 while the Minings Index was 3.56 points or 5.18% firmer at 72.25. After 6 sessions of trading into the year 2013 the Minings Index has gained 10.95% while the Industrials Index has done 4.92%.

Significant volumes were traded in Barclays, Delta, Econet, Meikles and Pearl Properties resulting in the total market turnover rising to $3,273 million on a volume of 13.57 million shares, up from 4.265 million shares with a value of $1,395 million that traded yesterday.

This week to date a volume of 22.80 million shares worth $6,523 million passed through the market.

Delta shares gained 3.07c to hit another all-time high of 108.07c, taking its market capitalisation to $1,299 billion, which is over Zfn's target valuation of $1.2 billion. About $664 832 worth of shares traded in Delta.

Econet shares added a significant 14c to 480c in deals worth $1.904 million. At 480c Econet is just 4.19% shy of its all time best price of 501c.

Hippo, which recently submitted its indigenisation plans to government, added 10c to 120c while Innscor added a modest 0.01c to 76c.

Meikles share price rallied 5.01c or 31.31% to 21.01c after unconfirmed reports that the group is partnering the Zimbabwe Mining Development Corporation for diamond mining venture in Chiadzwa.

Banks were lamely on the upside with ABC recovering 1c to 46c while Barclays was looking firm after adding 0.40c to 3.5c in deals worth $129 019. CBZ and TN Bank however eased 0.10c and 0.50c to 10.1c and 15c respectively.

FBC added a modest 0.01c after reports the group is waiting for the approval of its bid to acquire Homelink from the RBZ. ZBFH recovered 0.01c to 8.01c.

Dual listed PPC rebounded 2c to 210c while Aico Africa was 0.07c firmer at 9.1c. Pearl Properties was 0.25c up at 2.55c in significant volume of over 5.5 million shares worth $141 908.

In Minings Bindura added another 0.40c to 1.9c while Hwange and RioZim remained stable at 18c and 58c respectively.

Afre led the 5 counters to trade lower on the day with a 0.20c loss to 5c while Star Africa eased 0.05c to 1.55c. M&R, which will soon change its name to Masimba Holdings, dropped 0.01c to 2.84c.

The Datvest All Share Index was 2.11% firmer at 105.19 and was 12.82% up on a year earlier while the FBC ZSE-10 Index rose 2.47% to 107.79 taking its year on year gains to 20.67%.

The Mining Index on the Zfh board was the best performing on the day with a 5.04% rise to 29.07 while the Banking Index rose 2.88% to 60.59.
- zfn