Industrials drift lower at week's end

Published: 14 March 2014

There was nothing exciting on the ZSE during Friday's dull trading session as Industrials waded back into the red with most heavyweight counters extending their losses.

The Industrials Index eased 0.35 points or 0.19% to 186.22 with heavyweights Econet and Innscor closing in the red whilst Delta and OK Zimbabwe remained stable.

The Industrials Index has lost 1.43% in the week while the Minings Index declined by 3.49% on the March 7 level of 34.36.

Daily turnover eased to $505 200 on a volume of 3.158 million shares compared with S830 940 on 8.991 million shares.

Weekly turnover dropped to $7,610 million on a volume of 42.74 million shares from last week's S9.424 million on a volume of 241.6 million shares.

Econet eased a modest 0.02% to 64.99c amid reports that suppliers of the telecoms concern are up in arms over a recent directive compelling them to open accounts with the mobile phone operators bank, Steward Bank.

Blue chip Innscor traded 1.23% weaker at 72c while Delta and OK Zimbabwe traded unchanged at 121.99c and 17c respectively. Meanwhile, Delta's subsidiary Afdis was amongst the top risers, adding 0.50c or 1.54% to 33c.

Dual listed Old Mutual picked 2.51c or 1.01% to 250.01c but is still 10.72% down on its all-time high of 280.02c. The Minings Index closed unchanged at 33.16as Bindura and RioZim remained stable at 1.35c and 25c respectively.

ZHL led the top risers on the day adding 0.10c or 10% to 1.1c while Star Africa gained 0.05c or 5.56% to 0.95c. Other gainers were clothing retailer Truworths and Cottco which added 2.56% and 1.82% each to 4c and 1.12c respectively.

The top faller on the day was Turnall, shedding 1c or 20% to 4c ahead of its finals and analysts briefing next week.

Bankers ABC dropped 3c or 6% to 47c while Mash closed 3.47% weaker at 2.50c and DZLH eased 1.89% to 13c.

FML recorded a 1.87% decrease of 0.20c to 10.50c while SeedCo and TSL dropped 0.11% and 0.54% each to close at 0.10c and 0.20c respectively.

The Datvest All Share Index lost 0.43 points or 0.34% to 125.71 while the FBC ZSE-10 Index was 0.37 points or 0.28% weaker at 132.81.

Meanwhile PG Industries shareholders approved the Members' Scheme meeting during an EGM held this morning. Acting PG chairman Bryan Thom announced that shareholders had voted overwhelmingly through a 100% vote for the each of the proposed ordinary and special resolutions that had been tabled.
- zfn