Industrials back in the positive territory

Published: 26 May 2014

ZSE's heavily capitalised counters rebounded on Thursday to help Industrials recover from losses recorded in the past 3 sessions.

The Industrials Index recovered 1.11 points or 0.65% to 171.65 after gains in heavyweights Delta, Econet, Innscor and BAT.

Overall activity was low with just 21 counters recording trades while volumes significantly dropped with total market turnover closing way below the psychological $1 million level at $294 000 on 5.2million shares compared with yesterday's $5.137million on 24.94million shares.

Blue chip Delta edged up 2c or 1.77% to 115c closing amongst top risers whist telecoms giant Econet was up a marginal 0.01c or 0.02% to 64.01c. Meanwhile, BAT and Innscor added 2.5% and 1.47% each to 1025c and 69.01c respectively.

Retailer heavyweight OK Zimbabwe remained stable at 18c.

The Minings Index also gained 027 or 0.95% to 28.69 as Bindura closed amongst top risers of the day, advancing 0.03c or 2.22% to 1.38c while Falgold traded unchanged at 3c.

Coal miner Hwange closed buyers only at 3c following reports that the firm has finally appointed a substantive managing director, Thomas Makore who will be taking over from Jemester Chininga, who is the current acting managing director.

Top riser on the market was Pelhams, adding 0.01c or 100% to 0.02c while Hunyani traded 10% firmer at 2.20c.

Other gainers were Edgars which added 0.10c or 0.83% to 12.1c while FBC gained 0.03c or 0.27% to 11c.

Mash led the two counters that traded in the red, shedding 0.10c or 4.17% to 2.30c and Meikles eased 0.50c or 2.86% to 17c.

Cement manufacturer PPC closed buyers and sellers only at 204c and 225c respectively after reports that the firm has raised its capital spending budget on expansion projects to about $280 million.

All sectors on the Zfn board traded in the positive except for the Property Index which declined 1.57 points or 1.60% to close at 96.56 on the back of a 4.17% loss in Mashonaland Holdings.

The Datvest All Share Index rose 0.80 points or 0.68% at 119.07 and the FBC ZSE-10 Index added 1.13 points or 0.92% to close at 124.47.
- zfn