Industrials maintains recovery mode at week's opening

Published: 05 May 2014

ZSE's Industrials stayed in the recovery mode on Monday with heavyweights Delta, Econet, Innscor and SeedCo leading the resurgence.

Activity across the board was rather sluggish with only 14 counters recording trades but the daily market outturn managed to close above the psychological level of $1 million at $1.362 million on 2.046 million shares against Friday's $1.010 million on a volume of 30.82 million shares.

The Industrials Index gained 1.78 points or 1.03% to close at 175.37 points extending its rising streak to 8 straight sessions.

The Industrials Index has managed to recover a better portion of its losses seen during the past month but remains 13.23% down since January.

Telecoms giant Econet added 2.46c or 3.97% to 64.50c ahead of its analyst briefing this afternoon whilst conglomerate Innscor traded at 66c after gaining 1.80c or 2.80%.

Blue chip Delta added 1.46c or 1.26% to 117.01 whist OK Zimbabwe traded unchanged at 19.9c. Meanwhile, Cigarette manufacturer BAT was the only counter to trade lower, shedding 50c or 5% to 950c.

The Minings Index remained stable at 29.64 points as Bindura traded unchanged at 1.35c amid reports that the from is weighing options on the possibility of resuscitating Shangani Mine, but the eventual decision depends largely on nickel prices as the mine's deposits are low grade.

Top riser on the day was Hunyani which closed 65.29% firmer at 2c whie African Sun gained 0.20c or 8% to 2.70c and SeedCo advanced 2.56% to 80c.

The Zfn board closed in the positive with the benchmark Datvest All Share Index adding 1.55 points or 1.31% to 120.33 while the blue chips measure, the FBC ZSE-10 Index closed 1.98 points or 1.59% up at 126.63.

- zfn