SeedCo helps ZSE Industrials scratch out gains

SeedCo helps ZSE Industrials scratch out gains
Published: 15 October 2013
Trading activity remained weak on the ZSE on Tuesday but gains in SeedCo, buoyed by the pending technical and equity partnership deal with Vilmorin and Cie SA, helped the Industrials stay in the positive territory for the 21 straight sessions.

Industrials traded in the red for the better part of the session as Econet traded in the red but reversed the losses after SeedCo advanced 8.90c or 8.77% to 98c, surpassing its year to date high-of 96c with buyers were still looking at 96c while sellers were stuck at 100c.

The market remains directionless but we are optimistic that some well structured deals might be executed this week.

Volumes remain low but daily market turnover improved slightly to $521 872 on a volume of 2.110 million shares against yesterday's $275 942 on a volume of 2.094 million shares.

The Industrials Index gained 0.14 points or 0.07% to 213.69 with only 4 counters trading in the green while heavyweight Econet traded on the downside and other blue chips closed unchanged.

Ariston led the top risers on the day adding 0.30c or 42.86% to 1c while FML and Meikles gained 0.50c and 0.10c each to 12c and 27.10c respectively.

Econet eased a marginal 0.15% to 64.9c as RBZ governor Gideon Gono confirmed that more than $1 bin has exchanged hands through the Econet Wireless mobile payment platform in the first 9 months to September.

Other heavyweight counters Delta remained stable at 140c as well as OK Zimbabwe which traded at 27c.

The top loser on the market was Zimplow Holdings shedding 12.50% to 3.50c while cement manufacturer PPC dropped 15c or 5.77% to 245c.

Bankers CBZ eased 3.33% to 14.50c while FBC closed 0.41% weaker at 12c.

The Minings Index eased 1.70 or 3.30% to49.75 with Bindura closing amongst the top 5 fallers, dropping 5% to 1.90c. Meanwhile, Hwange and RioZim closing unchanged at 11c and 35c respectively.

The Datvest All Share Index added a modest 0.07 points or 0.05% to 143.44 while the heavyweight's measure, the FBC ZSE-10 Index closed 022 points or 0.15% up at 151.60.

The Agri-Industrial Index gained a significant 3.03 points or 3.87% to 81.39 buoyed by gains in SeedCo while the Insurance Index gained 3.11 points or 2.54% to 125.60 as First Mutual recovered from last week's losses.

The Dual Listed Index dropped 2.52 points or 1.29% to 191.82 on losses in PPC while the Mining Index closed 0.35 points or 1.64% to 20.93 and remains the only sector in the negative on a year to date basis.
- zfn

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