ZSE shares maintain upward momentum

Published: 30 May 2014

ZSE shares maintained their upward momentum on Friday to end the month of May in the positive with volumes ending at reasonable levels.

The Industrials Index gained 0.83 points or 0.48% to 174.89c with gains in heavyweights Delta, Econet, Old Mutual and SeedCo.

The Minings Index also gained a significant 1.55 or 4.57% to 35.44 as Bindura closed amongst the top risers on the day adding 10% to 2.2c cancelling losses in Hwange which eased 0.20c or 4% to 4.8c.

Week on week the mainstream index is up 1.44% while the resources index has done a massive 23.01% on last Friday's level.

Month on month the Industrials Index is up 1.15% on the April 30 level of 172.91 while the Minings Index is up a significant 19.57% on the April 30 level.

Today's session was also the last trading day for the month of May where a total of 235.8 million shares worth $36.02 million traded which is down from April volumes where 329.1 million shares worth $51.35 million traded.

A total of 1.352 bin shares worth $206.0 million has traded since the beginning of the year which is an improvement from 862.2 million shares worth $181.9 million that trade in the first 5 months of 2013.

In today's trades blue chip Delta added 0.55c or 0.47% to 117.3c while Econet advanced 1.99c or 3.11% to 65.99c. Dual listed Old Mutual gained 1.71c or 0.69% to 248.21.

Conglomerate Innscor and giant retailer OK Zimbabwe remained stable at 70.01c and 18c respectively. Meanwhile, SeedCo added 1c or 1.41% to 72c after reports that the government has agreed to consolidate the $27 million debt owed to the firm by various government departments for seed supplied under agricultural input schemes since 2007.

Daily market turnover dropped to $1,774 million on a volume of 12.82 million shares against $2,991 million on 50.98 million recorded yesterday. Week-on-week outturn also eased to $6,353 million on 73.71 million shares from last week's $10.58 million on a volume of 72.2 million shares.

Top riser on the day was MedTech which added 0.01c Or 16.67% to 0.07c while Astra gained 0.50c or 12.50% to 4.5c. FML advanced 0.50c or 7.o9% to 7c following reports that the group says capital restrictions are stalling implementation of its regional expansion plans.

PPC recorded a 2.94% increase of 6.03c to 211.03c while DZLH and ZPI picked 3.53% and 2.50% each to 8.5c and 0.82c respectively.

Padenga added 0.15c or 1.88% to 8.15 after group CE Gary Sharp told the AGM this morning that the demand for crocodile meat remains weak in Europe and Asia, as the firm's efforts were focused on searching for alternative viable export markets whilst expanding the local market.

Bankers Barclays traded 0.28% firmer at 3.52c. Clothing retailer Edgars closed buyers and sellers only at 11.5c and 12.5c respectively after recording a $281 000 loss in the four months to April as the operating environment tightened on the back of liquidity challenges and issues around civil servants salaries.

Pearl Properties led the three counters which traded on the downside, shedding 0.45c or 15.25% to 2.5c after MD Francis Nyambiri told an AGM this week that the group's arrears in the first four months to April have gone up reflecting the default rate within the group's portfolio as the rent arrears closed at $2,111 million versus $1,706 million as at 31 December 2013.

The other faller on the market was Hunyanl which closed 4.55% weaker at 2.1c after reporting an operating loss in the six months to April as costs increased while revenue declined.

The Zfn board ended in the positive with 8 sectors dosing in the positive while only one ended lower and 3 unchanged at previous levels. The Datvest All Share Index added 1.06 points or 0.88% to 121.80 while the FBC ZSE-10 Index was 1.36 points or 1.08% up at 127.50. The Insurance and Mining Index recorded significant gains of the day after rising 4/12% and 4.46% each to close at 78.64 and 14.09 respectively.
- zfn