Industrials sag as heavyweights continue to weaken

Published: 16 April 2014

Industrials sank further on Wednesday as the sell-off in most heavily capitalised counters continued amid swelling volumes extending Industrials' slump this year to 18.16%.

Heavyweights were the most hit as 5 out of the market's 10 most capitalised counters closed in the red with most of them trading at their lowest levels in 52 weeks.

Volumes continued to swell with significant volumes trading in Delta, Econet, SeedCo and ZPI.

Thus the daily market turnover improved significantly to $4.133 million on a volume of 38.79 million shares with a bulk of these traded in ZPI (33.90 million). Yesterday's market turnover was $2,894 million on a volume of 10.63 million shares.

The Industrials Index eased 2.59 points or 1.54% to 165.41 as heavyweights Delta, Econet, Innscor and SeedCo traded weaker while OK Zimbabwe was amongst the three counters to close in the positive.

Heavyweight Delta eased 3c or 2.78% to 105c while Econet dropped 1c or 1.67% to 59c. Conglomerate Innscor traded 0.82% weaker at 59.5c and SeedCo was 0.71% down to 69.5c.

Meanwhile heavyweight retailer OK Zimbabwe added 1c or 5.88% to 18c after launching the 2014 OK Grand Challenge Jackpot Promotion where shoppers will have a chance to win 1 Ford Ranger 4x4 twincab, 42 Ford Ranger single cabs, 15 residential stands, $25 000 cash, free groceries and loads of instant prices.

The Minings Index remained stable at 28.82 as Falgold dropped 0.10c or 2.94% to 3.3c.

Other risers on the market were Cafca and Willdale advancing 19.05% and 42.86% each to 25c and 0.1c respectively.

TSL led the top losers, shedding 5c or 14.29% to 30c while ZPI eased 0.10c or 10.53% to 0.85c. ZHL closed sellers only after reports that the firm is considering offloading its stake in Malawi-based United General Insurance Company (UGI), to its subsidiary NicozDiamond.

DZLH dropped 0.50c or 5.56% to 8.5c and cement manufacturer PPC eased 4.55% to 210c. Bankers CBZ closed 3.13% weaker at 15.5c.

The Zfn board closed mostly in the red with just one sector the Truworths Retail Index, managing a 4.66% rise to 252.01 on gains in OK Zimbabwe.

The Datvest All Share Index dropped 1.64 points or 1.43% to 113.52 while the FBC ZSE-10 Index closed 2.03 points or 1.70% weaker at 116.89.
- zfn