Delta dragged Industrials down

Published: 09 December 2013

ZSE Industrials Index remained weak at week's opening weighed down by a loss in heavyweight Delta as one counter closed in the green.

The Industrials dropped 1.58 points or 0.75% to 209.59 as blue-chip Delta dropped 1.91c or 128% to 146.99c. Fidelity Life was the only counter to trade in the positive, out of the 23 that recorded trades, advancing 1 c or 12.5% to 9c.

Heavyweights Econet, Inns cor and OK Zimbabwe traded unchanged at 63c, 77c and 22c respectively.

Minings Index eased 1.79 points or 3.86% to44.58 as Bindura closed as the top faller on the board, shedding 0.2c or 9.09% to 2c while there were no trades by other mining counters.

Today's daily market turnover was $3,662 million on a volume of 6.655 million shares.

Old Mutual traded unchanged at 271c in the wake of reports that the group has disbursed at least $100 million to businesses through its lending arm the Central Africa Building Society since dollarisation.

Other top fellers, Meikles eased 1 c or 4% to 24c while cement manufacturer PPC dropped 5c or 2.04% to 240c. Aico Africa traded 0.01c or 0.145 weaker at 7.1c.

Hwange closed 6c buyers only amid reports that the colliery company last Friday signed a $260 million mining contract with Portuguese firm, Mota-Engil which is expected to double production from current levels.

African Sun closed unchanged at 2.7c after postponing their analyst briefing from today to Thursday 12 December at 3pm.

The Datvest All Share Index dropped another 0.67 points or 0.47% at 140.61 and the FBC ZSE-10 Index lost 0.76 points or 0.51% at 147.29.

The Insurance Index was the only sector to close in the positive gaining 1.78 points or 1.54% to dose at 117.96 on the back of a 12.5% surge in Fidelity Life.

Dragged by Bindura, the Mining Index was the top faller losing 0.70 points or 3.77% at 17.76.
- zfn