ZSE shares squeeze out small gain

Published: 04 September 2013

Industrials bounced back on Wednesday from a sell-off in the past few days largely helped by bargain hunting in selected counters.

Investors may be trooping back to the local equities market to scout for bargain stocks as the market has fallen a lot in the past weeks erasing most of gains made this year.

It is however not certain if today's recovery would be sustainable as investors remain cautious ahead of Cabinet appointments expected this week.

The Industrials Index recovered 0.23 points or 0.16% to 177.60 as Delta and OK Zimbabwe shares bounced back to manage gains in midweek trades.

The Minings Index dropped 1.95 points or 4% to 46.78 as RioZim's bid and offer weakened to 10c and 20c respectively.

Daily market turnover jumped to $3.311 million on a volume of 6.987 million shares from $1,079 million on a volume of 5.078 min shares yesterday.

Delta recovered 0.12c to 106.02c on a significant volume worth $ 1.377 million while OK Zimbabwe recovered a modest 0.01 c to 21.01c.

Property counter Pearl Properties led the day's fop risers after adding 0.40c or 16% to 2.9c while Masimba recovered 1c or 11.76% to 9.5c.

FBC recovered 0.40c to 10c ahead of its interim dividend of 0.149c record date this Friday while African Sun added 0.05c to 2.05c.

On the downside Econet eased 0.96c to 48c in significant trades worth $956 334 while Meikles dropped 0.50c to 28.5c.

Cigarette manufacture BAT dropped 20c to 980c while dual listed PPC ended 0.10c weaker at 235c. Turnall closed 1.01c lower at 4.49c.

Astra led the day's top fallers after shedding 1c or 20% to 4c while TSL was 0.50c down to 28.5c.

Innscor remained stable at 80c ahead of its release of June finals later this afternoon while Zimplow also releasing interims this afternoon closed buyers and sellers only at 3.5c and 5c respectively.

The Zfn board however remained in the red with the Datvest All Share Index losing 0.44 points or 0.37% to 118.76 while the heavyweights measure the FBC ZSE-10 Index was 0.59 points or 0.49% weaker at 120.85.

The Property Index was the top rising sector of the day after adding 4.19 points or 3.92% to 110.98 on gains in Pearl Properties while Tourism Index advanced 0.24 points or 0.99% to 24.67.
- zfn

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