ZSE:- Industrials scratches out modest gains at week's end

Published: 10 June 2013

ZSE's Industrials managed modest gains at week's end as gains in Delta and Innscor outweighed losses in Econet and Hippo while Minings were back in the red on Falgold's lower offer.

The Industrials Index gained a marginal 0.02 or 0.01% to close at 185.19 while the Minings Index dropped 0.81 or 121% to 65.99 points.

Total market turnover improved to $1.270 million on 3.471 million shares from yesterday's $546 019.86 on a volume of 8.551 million shares.

Weekly total market turnover as from Tuesday 1 Apr! after Easter Holidays was at $5,747 million on a total volume of 26.869 million shares.

Heavyweights Delta and Innscor traded on the positive, advancing 0.50c and 0.97c each at 115.5c and 90c respectively. Econet was 1.49c or 2.13% weaker at 68.5c while Hippo eased 0.50c to 114.50c.

Dairibord remained stable at 25.5c amid reports that the firm is targeting to import at least 250 heifers this year for distribution to farmers as part of efforts to increase milk production in the country.

MedTech was up 50% or 0.01c to 0.03c and led the top risers together with Pioneer which also advanced 50% or 0.50c to 1.5c. Recent reports on MedTech said the firm is disposing its subsidiary Zimbabwe Pharmaceuticals for $1 coupled with guarantees to settle the embattled unit's debts which amount to $705 744.

Among the top risers for the day was CFI which traded 9.76% higher at 4.5c following reports that JSE-listed Grindrod Ltd wiN partner CFI in its milling division, Victoria Foods, to enable it to recapitalise its operations.

TA Holdings advanced 1c or 1429% to 8c ahead of its analysts briefing on Monday while NicozDiamond gained 0.10c or 9.09% to 1.2c after the group's MD Grace Muradzikwa told an analyst briefing that NicozDiamond's Hatfield cluster project development will commence this year.

Afre and Padenga were in favour as they added 0.45c and 0.15c each to trade at 9.76c and 5c respectively.

Pearl Properties was 1.89% firmer at 2.7c after general manager -finance Peddy Chigunduru told an analysts briefing recently that the rental income for the group in the two months ending 28 February 2013 income was ahead of budget by 6.43% at $1.5 million versus the targeted $1.4 million.

Star Africa led the losers, shedding 0.19c or 10% to 1.71c while African Sun was down 0.05c or 3.85% to 1.25.

Art closed buyers only at 0.46c after publishing a repeat cautionary statement saying the company is still engaged in discussions which, if successfully completed, may have a material impact on the company's business and share price.

BAT and Fidelity Life was buyers only at 720c and 13.5c each ahead of their record dates this afternoon for the final dividends of 42c and 0.3443c respectively. CBZ also closed buyers and sellers at 12.5c and 14c with the final dividend of 0.172c record date today.

The Datvest All Share Index however dropped 0.17% to 127.00 while the FBC ZSE-10 Index lost 0.34% at 133.80.
- zfn