Econet sustains Industrials at week's opening

Published: 04 November 2013

Econet shares advanced in significant volumes to sustain Industrials' rising streak as most heavyweights remained stable at week's opening.

The Industrials Index gained a marginal 0.37 points or 0.18% to 210.23 as Econet closed amongst the top 5 risers whist other heavyweights Delta and Innscor closed unchanged.

Econet added 1.90c or 3.11% to 63c amid reports that the telecoms giant is on the verge of concluding negotiations with Cell Insurance to underwrite its new insurance product as the mobile phone firm turns to value-added products to grow revenue.

Heavyweights Delta and Innscor remained stable at 136c and 83c respectively while OK Zimbabwe closed sellers only at 26c.

The Minings Index eased 0.45 or 0.89% to49.84after Bindura, which accounts for 35.41% of the resources index, was offered lower at 1.9c outweighing Hwange's 2c or 16.67% gain to 14c.

Daily market turnover significantly improved to $2,106 million on a volume of 4.465 million shares against Friday's $815 104 on a volume of 2.955 million shares.

Only four counters traded in the green. TA Holdings and RTG advanced 14.29% and 0.77% each to 8c and 1.31c respectively.

Top loser on the market was Zimplow Holdings, shedding 11.11% to 4c while ZHL eased 0.10c or 8.33% to 1.10c. ZPl also dropped 0.10c or 8.33% to dose at 1.10c.

NTS traded 3.23% weaker at 3c and DZLH dropped 0.51c to 18c. Meanwhile Afdis closed buyers only at 30c ahead of their AGM on Wednesday.

The Datvest All Share Index added 0.69 points or 0.49% to 141.22 while the FBC ZSE-10 Index was 1.01 points or 0.69% up at 147.08.

The Minings Index was a significant 5.53% up to 19.99 on gains in Hwange.

There were 3 indices to dose in the negative on the ZJH board, the Property Index (-1.12%), Insurance (-0.96%) and the Manufacturing Index which eased 0.21%.
- zfn