Industrials advances toward record levels

Published: 11 November 2013

ZSE's Industrials were back to their ascent toward the record levels first reached on August 1 with no single counter trading lower at week's opening.

The Industrials Index gained a marginal 0.94 points or 0.44% to 213.39 with Innscor trading in the positive while other heavyweight counters Econet, OK Zimbabwe and Delta closed unchanged.

Heavyweight Innscor added 2.50c or 2.99% to 86c while its associate Natfoods traded unchanged at 25c ahead of its AGM tomorrow.

Blue chips Econet and OK Zimbabwe remained stable at 63c and 25c respectively. Delta also closed unchanged at 140c ahead of its interims and analysts briefing on Wednesday.

Only six counters closed in the green with Aico Africa leading the top risers gaining 19.05% to 5c while RTG added 0.10c or 8.33% to 1.3c. Meanwhile bankers NMB and Powerspeed advanced 7.14% and 5.56% each to 7.5c and 1.9c respectively.

FML recovered 0.50c or 4.35% firmer at 12c.

The Minings Index eased 5.27% to 48.54 with nickel miner Bindura closing as the only counter to trade on the downside, shedding 0.10c or 5.13% to 1.85c alter announcing changes to the board that saw David Murangari stepping down as MD on retirement with effect from today while Batirai Manhando was promoted to the position of MD.

Hwange closed buyers and sellers only at 11c and 12c amid reports that the company appointed Infrastructure Development Bank of Zimbabwe to evaluate a $50 million rescue package for the company by British businessman and shareholder Nicholas van Hoogstraten.

Daily turnover significantly improved to $1.772 million on a volume of 4.871 million shares against Friday's $691 960 on a volume of 5.499 million shares.

FBC closed buyers only at 12.5c after reports that the bank secured a new $10 million line of credit from a US bank with view of supporting local industry.

The Datvest All Share Index added 0.52 points or 0.37% to 142.73 while the FBC ZSE-10 Index was 0.44 points or 0.29% firmer at 148.82.

The Mining Index was the only sector to close in the red on the Zfh board after losing 0.35 points or 1.72% to 19.87 and remains the only sector still in the red this year to date down 34.81 %.

- zfn