Industrials stutters in sluggish Monday trades

Published: 12 May 2014

ZSE shares remained largely in the negative territory for the 3rd consecutive session on Monday as volumes slip to below the psychological $1million.

Daily market turnover significantly dropped to $671 496 on 8.669million shares from Friday's $1.115million on a volume of 6.240million shares.

The Industrials Index eased 0.70 points or 0.40% to 175.85 with heavyweights Delta, Econet and Innscor trading unchanged while only three counters closed in the green.

Blue chip Delta remained stable at 119c ahead of its finals and analysts briefing scheduled for May 14. Meanwhile, the firm's subsidiary Afdis closed amongst the top fallers, easing 2.50c or 7.69% to 30c.

Conglomerate Innscor traded unchanged at 67.02c and Econet also remained stable at 66c after reports that the telecoms giant says it will soon diversify into road construction in a bid to improve communication channels and support to the community.

Retailer giant OK Zimbabwe closed buyers and sellers only at 18c and 19c respectively. The Minings Index remained flat at 29.03 with no activity by the mining counters.

Clothing retailer Truworths led the 3 counters that recorded gains on the market adding 0.50c or 20% to 3% while ABC advanced 2.86% to 72c after setting their AGM for Tuesday June 3.

Pearl Properties traded 0.40% firmer at 2.51c.

Meikles closed buyers and sellers only at 18c and 19c respectively amid reports that the firm's retail arm, Meikles Mega Market intends to make forays into the lower end of the market by setting up 8 additional retail branches across all cities in the country.

Top loser on the day was DZLH, shedding 1.01c or 11.21% to 8c and FML dropped 0.50c or 7.14% after setting their AGM for Tuesday June 3 at 2:30pm.

Cigarette manufacturer BAT ended 7% weaker at 930c while Edgars recorded a 4% decline of 0.50c to 12c. Bankers Barclays eased 0.05c or 1.41 % to 3.5c.

Mixed trading was recorded on the Zfn board with both the Datvest All Share Index and FBC ZSE-10 Index trading in the negative losing 0.35% at 120.80 and 0.36% at 127.71 in that order.
- zfn