ZSE: Industrials continues to slide as activity improves

Published: 10 June 2013

ZSE's mainstream Industrials continued to fall in midweek trades but activity improved across the board with a total of 43 counters recording trades out of the active 69 compared with just 29 that traded yesterday.

Trading activity was largely mixed across the board as selling pressure was evident in some counters whilst other counters attracted strong bids from the majority of brokers.

A total volume of over 40 million shares worth $2.419 million passed through the market after remarkable deals in Delta, DZLH, Econet and a block deal of over 17 million Ariston shares.

The Industrials Index slid another 0.34 points or 0.18% to 187.49 after giving in to losses in CBZ, Innscor and OK Zimbabwe. The Minings Index remained stable at 68.12 as Falgold and RioZim traded unchanged at 15c and 45c respectively.

Blue chip counter Delta continued to recover after adding another 1 c to 122.5c in deals worth $491 008 taking its market cap to $1,497 bin while another heavyweight and telecoms counter Econet remained stable at 65c in trades worth $670 864.

DZLH eased 0.50c to 28.5c amid selling pressure across the board spurred by a significant volume of shares worth $570 381.

CBZ also succumbed to selling pressure as it slid 0.50c to 15c while Innscor was 1c weaker at 89c. Retailer OK Zimbabwe closed 1.90c lower at 18c.

Aico Africa dropped 0.50c to its lowest level in 52 weeks of 6.5c as the group's planned unbundling of subsidiaries is taking time to materialise with the group publishing a further cautionary statement to that effect.

On the upside Border was 5c or 33.33% firmer at 20c in rare trades while Ariston added 0.04c to 1.16c after a block deal of over 17 million shares worth $205 116 was challenged.

Edgars added 0.10c to 11.1c after publishing its finals this morning where attributable profit improved to $3,798 million from $3,336 million in the corresponding period. An analysts' presentation was also underway during trading.

Masimba looked strong after adding 0.35c or 19.44$ to 2.15c ahead of its interims and analysts briefing this afternoon.

Natfoods added a significant 20c to an all-time high of 170c ahead of its interim dividend of 3c record date next Friday.

Dealers also showed strong interest in Star Africa shares which rose 0.30c or 20% to 1.8c while Old Mutual continued to scale new heights after adding 6c to 230c.

Cafca led the day's fallers after losing 20c to 40c while Zimplow Holdings eased 0.50c to 4c after listing new shares on Monday.

The Datvest All Share Index closed 0.20% in the red while the heavyweights' measure, the FBC ZSE-10 Index was a modest 0.04% up at 134.32 as gains in Delta, Natfoods and Old Mutual prevailed over losses in ABC, OK Zimbabwe and Innscor.
- zfn