Industrials see-saws back into the red

Industrials see-saws back into the red
Published: 04 April 2014
ZSE's Industrials see-sawed back into the red at week's end as prices remained subdued across the board but volumes in blue chips stayed reasonable.

The Industrials Index eased 0.10points or 0.06% to 176.36 pulled down by losses in blue chips OK Zimbabwe and Econet. The Industrials Index is however 0.24% up week on week following intermittent gains made in the week.

The Minings Index dropped 0.98 or 3.32% to 28.53 as Hwange traded unchanged at 6c while Falgold closed sellers only at 3.3c against yesterday's buyers only at 1c.

The resources Index recorded no movements during the week and thus it ended the week 3.32% down after Bindura was offered lower at 1.2c, lower than the last trading price of 1.3c.

Heavyweight OK Zimbabwe closed amongst the 3 counters that traded on the downside dropping 0.01c or 4.44% to 20c while telecoms giant Econet dropped a marginal 0.02c or 0.03% to 62.50c after reports that the firm has again attracted the ire of banks after it emerged this week that the mobile telephone company could be engaged in potentially unfair business practices that have attracted the attention of regulators.

Conglomerate Innscor and Delta remained stable at 62c and 115c respectively. Meanwhile, the other loser on the board was TSL which traded 2.78% weaker at 35c.

Daily market turnover dropped to $2.998million on a volume of 24.635 million shares as stockbrokers Platinum Securities executed a special bargain of 16.218 million Zimplow shares at 3c. Yesterday the market turnover closed at $4,338 million on a volume of 6.301 million shares.

The weekly market turnover closed at S10.71 million on 39.23 million shares, an increase from last week's $7,621 million on a volume of 53.87 million shares.

Only two counters traded in the green and these are CFI and Meikles which advanced 4.07% and 3.03% each to 2.30c and 17c respectively.

Bankers CBZ remained stable at 16c announcing the appointment of Never Nyemudzo to the position of group chief executive effective May 1 2014 after outgoing CEO John Mangudya was elevated to take charge at the central bank.

There were no indices to close in the positive on the Zfn board with Datvest All Share Index dropping a modest 0.06 points or 0.05% to 119.15 while the FBC ZSE-10 Index was 0.13 points or 0.10% weaker at 125.25.

Other indices closing in the red were the Conglomerates Index which slipped 0.24 points or 0.42% to 58.00 as losses in TSL cancelled out gains in Meikles and the Truworths Retail Index which retreated 0.11 points or 0.04% to 272.74 after OK retraced yesterday's gains.

- zfn

Comments

Latest News

Latest Published Reports

Latest jobs