ZSE Industrials ends week in the red

ZSE Industrials ends week in the red
Published: 09 May 2014
The market's heavily capitalised counters closed largely weaker on Friday as Industrials ended in the red for the second straight session.

The Industrials Index eased 0.38 points or 0.21% to 176.55 with heavyweights Econet and Old Mutual trading lower cancelling gains in Innscor while Delta closed unchanged.

The Minings Index remained flat at 29.03 as Hwange and RioZim traded unchanged at 5.5c and 20c respectively.

The Industrials Index is however 1.71% up in the week while the Minings Index us down 2.06% on May 2 level of 29.64.

Dual listed Old Mutual dropped 5c or 2% to 245c while Econet traded 0.74% weaker at 66c. Conglomerate Innscor advanced 1.02c or 1.55% to 67.02c.

Blue chip Delta traded unchanged at 119c ahead of its finals and analysts briefing next week while retailer OK Zimbabwe closed sellers and buyers only at 18c or 20c.

A special bargain of 1.482 million DZLH shares at 8.10c was pushed by brokers EFE and Invictus while in normal trades the counter closed unchanged at 9.01c.

Thus the daily market turnover closed above the psychological $1 million level at $1.115 million on a volume of 6.240 million shares, down from yesterday's $2,431 million on a volume of 4.752 million shares.

The weekly volumes however improved to $10.97 million on a volume of 27.56 million shares from last week's $4,822 million on a volume of 61.89 million shares.

Top riser on the market was Pioneer, adding 1 c or 16.67% to 7c while Star Africa gained 0.05c or 625% to 0.85c.

NicozDiamond closed 5% firmer at 1.26c ahead of its final dividend of 0.064c record date this afternoon while African Sun added 5 3.85% to dose at 2.70c. The other gainer was Padenga which recorded a 1.79% increase of 0.13c to 7.40c.

Fidelity Life dosed buyers and sellers only at 7c and 8c respectively after reports that the firm has received a major boost for its phase two Manresa housing development following the finalisation of the administration wrangle between two municipalities which claimed title to the land where the project is situated.

Bankers ZBFH led the top losers, shedding 33.33% to 6c while SeedCo eased 4c or 5% to 76c. Mash closed 4% weaker at 2.40c.

Dawn closed buyers and sellers only at 0.8c or 1c after publishing a further cautionary statement saying negotiations are still in progress, which if successfully completed may have a material impact on the value of the company's shares.

The Zfn board closed largely in the red with the Datvest All Share Index losing 0.41 points or 0.34% to 121.23 while the FBC ZSE-10 Index was 0.43 points or 0.34% down to 128.17.
- zfn

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