ZSE shares extended gains after Cabinet appointments

ZSE shares extended gains after Cabinet appointments
Published: 11 September 2013
ZSE shares extended gains on Wednesday after the appointment of new Cabinet yesterday and their swearing in this morning.

Investors however remained cautious ahead of policy pronouncements by the new government that will decide the sustainability of the prevailing optimism.

The Industrials Index gained a significant 5.25 points or 2.82% to 191.14 steered by gains in ZSE blue-chips namely Econet, Delta and OK Zimbabwe.

Delta added 6.99c or 5.82% to 127c after some serious bidding saw the price rising to 127.09c at one point before closing at 127c. Delta is also up 21.07% on its September 3 price of 104.9c and this takes its market cap to $1,559 billion.

Econet closed as one of the top 5 gainers on the market gaining 3.49c or 6.78% to 55c while retail giant OK Zimbabwe advanced 1.11c or 5.05% to 23.1c. Innscor remained stable at 81c.

The Minings Index also gained 1.56 points or 3.31% to 48.73 on RioZim's bid which improved to 25c from 21c yesterday. Bindura traded unchanged at 1.95c amid reports that the nickel mining firm is projecting a cash positive position by the end of next month after overcoming its immediate funding constraints by revising its mining plan.

Daily market turnover however dropped to $1,063 million on a volume of 5.900 million shares against yesterday's $2,241 million on a volume of 5.881 million shares.

The top riser on the day was NicozDIamond which added 0.40c or 25% to 2c while Dawn, Interfresh and Pelhams gained 11.11% each to 1c, 2c and 0.10c respectively.

DZLH, which reported a toss in its June financials, added 1 c or 5.56% to 19c while SeedCo, expected to have an international technical partner by year end, advanced 2c or 2.56% to 80c.

FML gained a marginal 0.01c or 0.08% to 12.51c after CE Douglas Hoto told an analyst briefing yesterday that the firm will focus on cost management, balance sheet and earnings growth after posting a 16% increase in gross premium and 38% decrease in PAT for the half year ended 30 June 2013.

ZPI closed unchanged at 1c after group MD Edson Muvingi told analysts yesterday that the firm is not expecting any major changes for the remainder of the year after posting a 4% increase in rental income and a 24% growth in total income.

MedTech led the top 5 fallers, shedding 0.01c or 14.29% to 0.06c while Mash dropped 0.42c or 12.28% to 3c. Old Mutual and Padenga eased 5c and 0.09c each to 2.17 c and 1.76c respectively.

RTG closed buyers and sellers only at 1.3c and 1.5c respectively after reports that the firm has launched a credit plan underwritten by local banks which allows guests to pay for services rendered by the hotel group in instalments as the company seeks to grow its revenue in the liquidity constrained market.

The Datvest All Share Index added 3.73 points or 3.01% to 127.99 while the Datvest All Share Index was 5.08 points or 3.96% firmer at 133.41.

The Manufacturing Index added 9.71 points or 4.30% to 235.61 while the Truworths Retain Index was a significant 12.53 points or 4.37% up to 299.61 taking its gains in the year to 89.09%.

There were only 2 sectors to dose in the red on the Zfn board with the Property Index easing 4.52 points or 3.79% to 114.83 after reports the country's property market is likely to remain subdued in the short term due to depressed occupancy levels Resulting in lower rental income.

The Dual Listed Index also eased 3.04 points or 1.70% to 176.42 after Old Mutual traded in the red.

- zfn
Tags: ZSE, Cabinet,

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