ZSE: Industrials scratches out gains at week's end

Published: 10 June 2013

ZSE's Industrials ended the holiday shortened week In the positive territory helped largely by gains in Econet, Innscor and OK Zimbabwe.

The Industrials Index gained 1.76 points or 0.93% to 191.16 as heavyweights Econet and Innscor advanced 3.90c and 1.01c each to 66c and 87.01 c respectively.

Blue chip retailer OK Zimbabwe also traded 1.05% firmer at 19.2c while Delta traded unchanged at 1282c ahead of the release of its March finals in the next 2 weeks.

The Minings Index remained stable at 71.09 points with Hwange trading 7.69% firmer at 15c whilst RioZim remained stable at 45c. Bindura was however quoted lower at 2.75c buyers and 2.9c sellers from yesterday's 2.8c and 3c respectively.

Volumes improved slightly with the total market turnover closing at $872 077 on 3257million shares against yesterday's $527 851 on 1.942 million shares.

Meanwhile, total weekly turnover dropped to $3,914 million on a volume of 14.939 million shares from last week's $4.795million on a volume of 20.192million shares.

The top gainer on tie market was Willdale which added 0.01c or 20% to 0.06c while Masimba added 0.40c or 12.90% to 3.5c.

Art closed 8.33% firmer at 0.65c after publishing a further cautionary this week 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.

SeedCo which recorded a 1.54% increase to close at 66c while parent company Aico Africa remained unchanged at 8c amid reports the group's major shareholders hold divergent positions on which the strategic plan should take precedence between unbundling the group and recapitalising the entity.

CBZ added 0.50c or 3.70% to 14c after group chief finance officer Never Nyemudzo told the AGM on Tuesday that the firm is still maintaining the forecast it made at its last analyst briefing of 10% growth in total income.

African Sun led the losers after closing 10% weaker at 1.35c whilst Meikles dropped 1c or 4.17% to 23c.

Zimplow eased 0.10c or 2.33% to 4.2c after reports saying that its motor vehicle dealer, Puzey & Payne will be offloaded from the group before the end of this quarter and the disposal process is at an advanced stage.

DZLH traded on the downside losing 0.50c or 1.72% to 28.5c after group CEO Anthony Mandiwanza told the AGM yesterday that the group had completed the process of rationalisation and resumed normal production in April. The firm is also planning to invest the biggest chunk of its $10 million capital expenditure budget for this year on complete rehabilitation of its sterilised milk production plant in Chipinge.

Astra closed buyers only at 5c amid reports that the RBZ will this year sell its stake the firm, which posted a $496 952 profit after tax for the half year to February, as the central bank discontinues quasi fiscal activities.

The Datvest All Share Index added 1.76 points or 1.46% to 130.71 while the FBC ZSE-10 Index was 2.39 points or 1.77% firmer at 137.35.

Losses in African Sun dragged the Tourism Index 0.73 points or 3.40% lower at 20.73 taking the sector's losses since January to a significant 30.48%.
- zfn