ZSE shares end week firmer

Published: 06 June 2014

ZSE shares ended the week in the positive territory sustained by gains h selected heavyweights while volumes remained pathetic.

The Industrials Index gained 1.54 points or 0.87% to 178.58 points after gains in heavyweights Econet, Hippo, Innscor, OK Zimbabwe and SeedCo.

Telecoms counter Econet added 0.85c or 1.25% to 69c whilst conglomerate Innscor was up 0.44c or 0.60% to trade 73.5c. Hippo advanced 10c or 18.18% to 65c and SeedCo edged up 0.50c or 0.69% to 73c.

OK Zimbabwe closed 0.41c firmer at 18.51 c after recording 0.8% revenue growth and 0.2% gross margins decline for the year ended 31 March 2014. A final dividend of 0.42c was declared.

Delta closed unchanged at 117c ahead of its final dividend of 2.25c this afternoon.

BAT was bid up at 1175c after reports that the company faces fresh allegations of corporate espionage and possible money-laundering amid reports the SA Revenue Sen/ice has unearthed errant and illegal behavior on the part of the company.

The Minings Index gained 0.90 points or 2.38% to 37.79 points after gains h Bindura which added 0.10c or 4% to trade at 2.6c.

Hwange closed buyers only at 4.5c amid reports that the company's forthcoming AQM is likely to be explosive with a major shareholder threatening to block a couple of what he termed "mickey mouse" proposals.

The daily outturn was down to $247 772 on 4.304 million shares against yesterday's $1.116 million on 7.28 million shares. Weekly volumes retreated to $3.616 million on 27.46 million shares against last week's volumes of $6,353 million on a volume of 73.71 million shares.

Tumall traded as the top riser advancing 0.35c or 20% to trade at 2.10c whilst Fidelity Life gained 0.52c or 7.43% to 7.52c.

Cottco pushed up a cent to trade at 0.81 c whilst PPC was up 2.5c or 1.17% to 215.7c after reports that the cement producer says domestic sales in the first 5 months of the year are down 5% compared to the same period last year.

Ariston closed buyers and sellers at 0.6 and 0.8 respectively following reports that its revenue for the half year ended March 2014 increased 29% on the back of improved marketing by the group.

The top faller for the day was ZHL which eased 0.15c or 16.67% to 0.75c whist DZLH lost 0.30c or 3.53% to trade at 8.20c.

Art closed buyers only at 0.2c after the recorded a $1.16 million loss in the half year period ended March 31,2014 from a profit of $236 000 a year earlier after its business units achieved lower volumes due to liquidity challenges in the economy.

Lafarge Cement manufacturer traded unchanged at 65c after announcing that it is planning to roll out 1 000 low-cost housing units in partnership with local financial institutions, a move that is expected to help ease housing shortages.

The Datvest All Share Index closed 1.02 points or 0.83% up at 124.16 while the FBC ZSE-10 Index advanced 1.32 points or 1.02% to 130.55.
- zfn