Industrials snap record rising streak in midweek trades

Published: 12 June 2013

Industrials snapped its 6-day record rising streak on Wednesday weighed down by losses in Delta and Innscor as investors recouped profits made over the past week.

There were only 5 counters to trade lower but heavyweight Delta accounting for 30.5% of the Industrials Index weighed heavily on the mainstream Index cancelling out gains in 12 other counters that managed gains.

Delta dropped 1c to 156c with sellers still selling at the same price while buyers dropped their bid to 155c in deals worth a significant $1,548 million. Delta's associate company Afdis was however 3c better at 29c, levels it last reached in 2009.

Innscor accounting for 8.69% of the Industrials Index was off 10c from its all-time best of 110c reached yesterday to close at 100c in deals worth $537 760.

The Industrials Index dropped 1.93 points or 0.86% to 221.65 while the Minings Index remained unchanged at 71.75 as no activity was recorded in the sector.

Total market turnover however improved to $3,861 million on a volume of 10.54 million shares compared with yesterday's $3,283 million on a volume of 14.012 million shares.

Old Mutual was another notable loser on the day after dropping 1c to 240c while Afre took a breather from its impressive run over the past few weeks losing 0.05c to 15.95c. Ariston was 0.15c weaker at 1.35c.

BAT inched closer to $10 after adding 15c to another all-time high of 890c in significant trades worth $139 668 and this takes the counter's gains in the year to 147.2%.

Tourism counter African Sun picked up 0.19c to trade above 2c at 2.09c for the first time since June 2011. This oomes in the wake of reports by the Zimbabwe Tourism Authority that the country registered a 17% increase in tourist arrivals in the quarter to March.

Masimba added another 1.7c to 12c in deals worth almost $100 000 taking gains in the year to 300%. Masimba last traded at those levels in October 2011 when it was still M&R.

Agro-based counters Padenga and SeedCo added 0.35c and 1c each to 52c and 81c respectively. Clothing retail counter Truworths was 0.1c better at 4.6c.

GB Holdings led the risers on the day after adding 0.04c or 400% to 0.05c.

Barclays added 0.13c to 3.55c in the wake of reports that government will soon launch the Barclays Bank Employee Share Ownership Scheme, in which bank employees will own 10% equity as part of complying with indigenisation laws.

Econet remained stable at 70c in deals worth $791 888.

The Datvest All Share Index dropped 1.14 points or 0.75% to 149.40 while the heavyweights' measure, the FBC ZSE-10 Index was 2 points or 1.25% weaker at 158.48.

Innscor's loss dragged the Conglomerates Index 6.05 points or 6.99% down to 80.60 while gains in African Sun helped the Tourism index to recover 0.92 points or 4.23% to 22.68.
- zfn