ZSE Industrials continue to slide

Published: 14 May 2014

ZSE Industrials remained largely in the negative territory for the 5th consecutive session on Wednesday as most blue chips traded lower or unchanged.

The Industrials Index eased 1.17 points or 0.67% to 173.83 with only four counters closing in the green, 8 in the red while 14 remained stable.

Blue chip Delta traded unchanged at 118c ahead of the firm's financials and analyst briefing scheduled for 3:30pm today.

Telecoms giant Econet also traded at the last price of 66c following reports that financial analysts have predicted that telecom's mobile money transfer service EcoCash will contribute a weighty 7% to the group's revenue.

Heavyweight Hippo was down 11c or 18.03% to close at 50c and Seedco dropped 1c or 1.32% to 75c. Meanwhile, retailer OK Zimbabwe remained stable at 18c.

Dual listed Old Mutual pushed up 1 c or 0.41% to dose at 245c whilst Innscor added 0.49c or 0.72% to 68.50c. The Minings Index was flat at 28.58 with Bindura trading unchanged at 1.3c.

Daily market outturn significantly dropped to $989 438 on a volume of 3.812mlri shares against yesterday's $3.216million on 10.63million shares.

Zimplow was the top riser on the day adding 0.40c or 4.17% to 10c while Padenga gained 0.20c or 2.70% to 7.6c.

ZPI traded unchanged at 0.8c amid reports that the company is waiting for regulatory approval from the Ministry of Local Government, Public Works and National Housing to start developing a residential property project in Ruwa.

The top faller was Masimba which eased 0.29c or 19.33% to close at 1.21c whilst Mash lost 0.20c or 8.33c to 2.20c. TA Holding slipped a cent to settle at 5c and bankers FBC closed 7.26% lower at 11.50c.

Nicoz Diamond and ABC dropped 0.06c and 1c each to 1.2c and 71c respectively.

The Datvest All Share Index added a paltry 0.26% to dose at 120.66 whilst the blue-chip measure, FBC ZSE-10 Index dropped 0.64 points or 0.50% to settle at 126.58.
- zfn