Industrials slides again to end worst week in the year

Published: 09 August 2013

There were only 15 counters to trade on the ZSE on Friday as the Industrials suffered another sharp fall on losses in heavyweights Delta, Econet, Innscor and OK Zimbabwe wrapping up the worst week of 2013 deep in the red.

The Industrials Index dropped 2.82 points or 1.42% to 196.02 trimming its gains in the year to 28.62% from as high as 53.01% reached on August 1.

Week on week the Industrials Index has dropped 15.22% while the Minings Index has dropped 12.65%.

Innscor led the top fallers, shedding 4.80c or 5.65% to 80c which is 30.25% down from its all-time best of 115c reached on July 22 this year.

Delta eased another 1c to close at 119c trimming its gains in the year to just 19% and 24.20% down from its all-time best of 157c.

Econet was also amongst the top 5 fallers dropping 1c to 54c while retail giant OK Zimbabwe traded 0.19c or 0.75% weaker at 25c.

Daily volumes however improved to $4,321 million on a significant volume of 85.82 million shares buoyed by trades in Art where 75 million shares worth $375 000 traded, CBZ ($626 619) and Econet ($2,836 million).

Weekly market turnover improved to $14.86 million on a volume of 123.5 million shares against last week's $4,968 million on a volume of 19.76 million shares.

The Minings Index remained stable at 57.94 points with no activity by the minings counters on the market

Art led the top gainers in the market, advancing 0.10c or 25% to 0.5c while ABC picked up 5c or 10% to 55c.

Tourism counter African Sun added 0.13c or 8.55% to 1.65c and Meikles advanced 1.18c or 4.37% to 28.2c. FML gained a marginal 0.01c or 0.08% to 12.01c.

Other fallers on the day were bankers Barclays eased 0.20c or 4.55% to 4.2c and DZHL dropped 1c or 4.55% to 21c.

The benchmark Datvest All Share Index dropped 0.96 points or 0.72% to 131.70 while the heavyweights' measure, the FBC ZSE-10 Index was 1.46 points or 1.08% in the red at 134.54.

Gains in African Sun helped the Tourism Index to recover 0.63 points or 2.43% to 26.55.

- zfn