ZSE shares extend gains

ZSE shares extend gains
Published: 27 May 2014
ZSE shares remained in the positive at the opening of a holiday shortened week Tuesday after government confirmed the reviewing of the indigenisation and empowerment policy to facilitate sector-specific implementation.

The review will allow investors to recover initial capital investment receive an appropriate return on investment and recoup operational costs.

The Production Sharing Model and the Joint Empowerment Investment Model have been identified as the foremost vehicles through which the indigenisation policy will now be implemented.

The Industrials Index added 0.48 points or 0.28% to 172.88 largely on gains in BAT, Natfoods and SeedCo.

The Minings Index also advanced a modest 0.06 points or 0.21% to 28.87 as Bindura's bid was raised to 1.4c from 1.38c to cancel out Hwange's 1.96% loss.

Volumes however slowed with the total daily market outturn closing below the psychological $1 million level at $861 705 on a volume of 7.416 million shares, down from Friday's $2,689 million on 7.936 million shares.

BAT recovered 25c to 1075c as MD Lovemore Manatsa told shareholders this morning that performance remained flat with volumes roughly 1% below mainly due to difficult operating conditions.

Innscor remained stable at 69c while associate Natfoods was 9c better at 210c. SeedCo was another heavyweight to manage gains after picking up 1.01c to 71.01c. Delta traded unchanged at 115c.

The day's top riser was TA Holdings which gained 0.50c or 10% to 5.5c. Retail counter Edgars was 020c better at 12.2c.

On the downside Econet slid a modest 0.03c to 64c while dual listed Old Mutual was 3.50c weaker at 246.5c.

In Minings Hwange dropped 0.10c to 5c while RioZim closed buyers and sellers only at 15c and 20c respectively ahead of its AGM tomorrow.

Turnall and Pearl Properties remained stable at 2c and 7.75c respectively ahead of their respective shareholders meetings this afternoon.

The Zfn board saw 6 indices dose in the positive while only 2 were in the red with the benchmark Datvest All Share Index adding 0.29 points or 0.25% to 119.67.

The FBC ZSE-10 Index added 0.35 points or 0.28% to 124.98 as gains in BAT, Natfoods and SeedCo prevailed over losses in Econet and Old Mutual.
- zfn

Comments

Latest News

Latest Published Reports

Latest jobs