ZSE shares wallow in the red

Published: 06 March 2014

ZSE shares wallowed in the red on Thursday as the current earnings data fails to provide fresh impetus to the market amid significant volumes trading in BAT. Delta. Econet and Old Mutual.

The Industrials Index eased 0.90 or 0.48% to 188.23 as heavyweights Innscor, Hippo and OK Zimbabwe closed in the red cancelling gains in Econet.

Daily market outturn improved again to $2,706 million on a volume of 7.298 million shares from yesterday's $2,252 million on 110.9 million shares.

Significant deals were recorded in BAT ($299 624), Delta ($1,133 million), Econet ($584 757) and Old Mutual ($248 720).

Conglomerate Innscor dropped 3c or 3.85% to 75c after publishing depressed operating results for the 6 months to December where basic EPS declined 19% to 3c. An interim dividend of 0.60c was declared.

Innscor subsidiary Natfoods however traded amongst the top risers, advancing 5c or 2.50% to 205c after reporting a marginal increase in volumes resulting in turnover rising 10% to $165.8 million in the interim period to December 2013. An interim dividend of 3c was declared.

Colcom closed buyers only at 20c after reported a growth in turnover of 13% in the 6 months to December 2013 with an interim dividend of 0.4c was also recommended.

Meanwhile other heavyweights Hippo and OK Zimbabwe dropped 1c each to 73c and 17c respectively.

Econet added a marginal 0.03c or 0.05% to 66.15c while Delta remained stable at 122.6c as its subsidiary Afdis dropped 1c or 3.13% to 31c. BAT and Old Mutual were also unchanged at 1300 and 247.5c respectively.

The Minings Index dropped a significant 3.66 points or 9.95% to 33.14 as Hwange closed as the top faller, losing 5c or 50% to 5c while Bindura and RioZim traded unchanged at 1.3c and 25c respectively. The resources index is now 27.63% down since January.

Top riser on the day was NicozDiamond, adding 0.05c or 3.85% to 1.35c ahead of it finals and analysts briefing tomorrow. Meanwhile MD Grace Muradzikwa yesterday announced the commencement of the $4 million medium cost housing project in Hatfield, scheduled for completion before year end.

Bankers FBC closed 1.54% firmer at 13.20c and FML added 0.14c or 1.39% to 10.20c. Pearl Properties recovered 0.01cor0.38% to 2.61c.

Other counters to trade amongst the top losers were GB Holdings. Star Africa and TA Holdings which dropped 25%, 20% and 11.76% each to 0.06c, 0.80c and 7.50c respectively.

Masimba eased 0.50c or 11.11% to 4c while Ariston closed 8.33% weaker at 1.1c. TSL dropped 0.50c or 1.32% to 37.5c.

Zimplow Holdings remained buyers only at 2c after group CEO Zondi Kumwenda told the market yesterday that they are pleased by the group's structure which emerged after the restructuring last year and they are "now focused on the businesses they know best"

Lafarge saw its bid rising to 85c from 82c yesterday while sellers remained at 100c after finance director Farai Matanhire projected that the group is expecting F14 revenue to improve by 10% compared to 2013.

The Datvest All Share Index dropped 0.94 points or 0.73% to 127.39 while the FBC ZSE-10 Index was 0.81 points or 0.61% weaker at 134.93. The Mining Index on the Zfn board plunged a significant 2.59 points or 16.43% to an all-time low of 13.20.
- zfn