ZSE turnover recovers but overall trading remains weak

Published: 26 February 2014

Daily ZSE turnover recovered to reasonable levels in midweek trades spurred by significant trades in BAT. Delta. Mash and a special deal in SeedCo but trading across the board remained weak while Minings extended gains on RioZim's upward momentum.

The Industrials Index eased 0.89 points or 0.47% to 188.99 with losses in heavyweight counters Delta and Innscor while Econet and OK Zimbabwe closed unchanged.

Blue chip Delta dropped 0.99c or 0.80% to 122c while conglomerate Innscor recorded a 0.64% decrease of 0.50c to 78c. Heavyweights Econet and OK Zimbabwe remained stable at 64.71c or 19c respectively.

Old Mutual picked a marginal 0.10c or 0.04% to 243.1c.

The Minings Index gained another 1.61 or 4.58% to 36.80 as RioZim closed amongst the top risers on the market, adding 1c or 4.17% to 25c. Falgold closed buyers and sellers only at 5c and.

Total daily turnover significantly improved to $2,567 million on a volume of 9.463 million shares against yesterday's $643 521 on a volume of 2.599 million shares.

Turnall led the top risers adding 0.50c or 12.50% to 4.5c while Padenga gained 0.15c or 1.67% to 9.15c. SeedCo advanced 1c or 1.12% to 90c as brokers Southern Trust Securities and ABC Stockbrokers pushed a special bargain of 1.207 million shares at 89c.

Cement manufacturers PPC added 1.29c or 0.49% to 266.99c while bankers CBZ advanced a marginal 0.03c or 0.19% to 15.55c ahead of their finals and analysts briefing this afternoon.

CFI had its bid dropped to 2c from 3c yesterday after publishing a cautionary statement saying the proposed acquisition of a 49% stake in Victoria Foods by Grindrod Trading Limited has been terminated.

Top faller on the day was proposed transaction to

Zimplow Holdings eased 0.38c or 15.83% to 2.02c while ZPI dropped 0.04c or 4.21% to 0.91c. Clothing retailer, Edgars closed 2.04% weaker at 12c.

The other top loser was bankers FBC, dropping 0.25c or 1.85% to 13.25c. Meanwhile, Hunyani and BAT eased 0.99% and 0.37% each to 1c and 1340c respectively.

Fidelity Life closed buyers and sellers only at 9c and 10c amid reports that the firm said there has been a high uptake of its residential stands, with about 2 000 of the 5 800 stands in Harare's South View Park already sold.

The Zfn board ended largely in the red with 7 out of 12 indices closing in the red while only 3 managed gains and the rest unchanged from previous levels.

The Datvest All Share Index lost 0.47 points or 0.37% to 128.08 while the FBC ZSE-10 Index was 0.45 points or 0.33% weaker at 135.77. The Property Index lost a significant 4.73 points or 4.51% at 100.09 as Dawn Properties and ZPI traded in the red.
- zfn