ZSE Industrials rebound continues

Published: 06 May 2014

ZSE's heavily capitalised counters maintained their positive momentum with significant volumes trading on Tuesday helping Industrials to record its 9th straight rise.

The Industrials Index gained 2.07 points or 1.18% to 177.44 points following gains in heavyweights Econet, OK Zimbabwe, Delta and BAT.

There were significant volumes trading in Barclays, BAT, Delta, Econet and Innscor resulting in the daily market turnover rising to $3,093 million on 10.54 million shares against yesterday's $1,362 million on 2.046 million shares

Telecoms giant Econet added 1.51c or 2.34% to close at 66.01 CE Douglas Mboweni told an analyst briefing yesterday that the group's future lies in broadband and overlay services after recording a rare decline in revenue from the mainstream voice business as competition intensifies with mobile penetration rate at 103%.

Heavyweight retailer OK Zimbabwe edged up 0.09c or 0.45% to 20c whilst BAT closed as the top riser on the market adding back 50c or 5.26% to 1000c.

Delta gained 2.99c or 2.56% to 120c ahead of the release of its March finals scheduled for next week.

Conglomerate Innscor closed unchanged at 66c as its associate Colcom traded amongst the top risers adding 1c or 4.55% to close at 23c. Hippo traded 0.97% lower at 61c.

The Minings Index remained stable at 29.64 points after Bindura, Hwange and RioZim traded at last trading prices of 1.35c, 6c and 20c respectively.

ZPI was the top faller for the day shedding 0.15c or 15% to settle at 0.85c whilst Pearl Properties eased 0.25c or 9.09% to 2.50c.

Edgars traded unchanged at 12.5c following reports that clothes manufacturer and retailer says its targeting over 70 000 account holders in their renewed push for brand loyalty.

Turnall dropped 0.30c or 9.09% to 3c and cement manufacturer PPC eased 4.29% to 201c. Meikles traded 2.70% weaker at 18c.

Dawn closed unchanged at 0.8c following reports that the properties firm plans to dispose 3 of its hotels for a total $18.5 million.

The Datvest All Share Index gained 1.50 points or 1.24% to 121.82 while the FBC ZSE-10 Index dosed 2.30 points or 1.82% firmer at 128.93.
- zfn