OK Zimbabwe drags ZSE Industrials down

Published: 13 May 2014

Retailer giant OK Zimbabwe dragged the Industrials down as it led the top fallers on the day cancelling gains in BAT, Innscor and CBZ amid swelling volumes mostly in heavily capitalised counters.

There was a significant improvement in the daily market turnover to $3.216 million on a volume of 10.63million shares with major volume traded in blue chips Econet ($1.300 million), Delta ($1.200 million) and OK Zimbabwe ($416 000). Yesterday's turnover was $671 496 on 8.669 million shares.

The Industrials Index eased 0.85 points or 0.48% to 175.00 after heavyweights OK Zimbabwe, Delta and Old Mutual traded in the red.

OK Zimbabwe was the top loser, shedding 1.50c or 7.69% to 18c after setting their financials and analyst briefing for June 5 at 4pm.

Dual listed Old Mutual dropped 1 c or 0.41% to 244c and blue chip Delta eased 1c or 0.84% to 118c ahead of its finals and analysts briefing tomorrow at 3:30pm. Meanwhile, conglomerate Innscor advanced 0.99c or 1.48% to 68.01 c as its associate Col com traded 4.55% lower at 21c.

Econet closed unchanged at 66c.

The Minings Index also eased 0.45 or 1.55% to 28.58 as Bindura closed amongst the top fallers, ending 3.70% weaker at 1.30c. Falgold remained stable at 3c while Hwange closed buyers only at 5c amid reports that the coal miner has denied that it retrenched its workforce that took the company for arbitration seeking to recover severance packages amounting to more than $1.2 million.

BAT led the three counters which traded in the green, adding 55c or 5.91 % to 985c while bankers CBZ gained a marginal 0.01c or 0.07% to 15.01c.

Other fallers were ZPI, Meikles and TSL which dropped 5.88%, 2.70% and 1.64% each to 0.80c, 18c and 30c respectively.

On the Zfh board, all sectors traded in the red except for the Banking Index, up 0.01% buoyed by CBZ and the Conglomerates Index up 0.26 points or 0.43% at 59.79.

The Truworths Retail Index was the most hit sector declining 16.84 points or 6.38% at 247.08 after being weighed down by a 7.69% drop in OK Zimbabwe.

The Datvest All Share Index went down a further 0.46 points or 0.38% at 120.34 and the FBC ZSE-10 Index dropped 0.49 points or 0.38% to close at 127.22.
- zfn