ZSE shares slip back into the red

Published: 26 May 2014

ZSE shares faltered ii Monday session where 10 counters traded lower while 6 dosed In the green and 14 remained unchanged from previous levels resulting in the Industrials slipping back in the negative territory as most heavyweights traded lower.

The Industrials Index lost 1.79 points or 1.03% to 171.80 points-after losses in heavyweights Econet, Innscor, OK Zimbabwe and Seedco.

Telecoms giant Econet slipped 1c or 1.52% to trade at 65c, Innscor lost 2c or 2.86% to 68c as its associate dropped 9c to 201c.

Heavy weight retailer OK Zimbabwe retreated 0.30c or 1.62% to 18.2c while Seedco went down to 70c after losing 5c or 6.67%.

Blue chip Delta remained stable at 155c. Meanwhile, Hippo was the top riser adding 6c or 12% to settle at 56c and cigarette manufacturer BAT edged up 15c or 1.52% to 1000c.

The Minings Index recovered 0.09points or 0.32% to 28.06 as Bindura gained 0.01c or 0.77% to 1.31c while Hwange closed buyers only at 5c following reports that the firm will retrench at least half of its more than 3 200 workforce in the second half of 2014 and hopes to conclude two loan facilities worth $33.5 million at the end of May to recapitafize operations.

Significant volumes in Econet ($917 000) helped the total market daily turnover to close above the psychological $1 million level at $1,248 million on a volume of 15.694million shares a drop from Friday's $1.660million on 6.667million shares.

Cottco gained 0.05c or 6.25% to 0.85c whilst Powerspeed was up 0.02c or 1.33% to 1.52c. Another counter to trade in the green was Padenga which added 0.01c or 0.13% to 7.61c

The top loser for the day was RTG which traded lower at 1c after shedding 0.30c or 23.08% while FML eased 0.50c or 7.69% to 6c and TSL lost 2c or 6.67% to close at 28c.

Cement manufacturer PPC eased 4c or 1.95% to 201c and FBC was down by 0.53c or 4.61% to 10.97c.

On the Z/h board, the Agro-Industrial Index advanced 0.29 points or 0.54% to 54.18 while the Mining Index added 0.04 points or 0.32% to close at 11.21.

The rest of the sectors traded in the negative led by Tourism (-12%) at 24.00.

The Datvest All Share Index lost 1.19 points or 0.99% at 119.21 whilst the blue-chip measure FBC ZSE-10 Index dropped 1.26 points or 1.0% to close at 124.66.
- zfn