Industrials extend losses as volumes recover

Published: 13 December 2013

ZSE volumes recovered on Friday buoyed by a special deal in Old Mutual but trading across the board remained weak with only 3 counters managing gains at the dose.

Total market turnover improved to $3283 million on a volume of 4.689 million shares from yesterday's $1.862 million on a volume of 49.98 million shares. Meanwhile, week on week turnover closed at $14.377 million on a volume of 80.68 million shares.

The Industrials Index eased 3.20 points or 1.54% to 204.12 with losses in Delta, Innscor and OK Zimbabwe cancelling out gains in Econet.

Heavyweight retailer, OK Zimbabwe closed amongst the top 5 fallers, shedding 1c or 4.76% to 20c while Delta dropped 3.45% to 140c.

Innscor eased 1.50c or 1.96% to 75c. Meanwhile, Old Mutual closed unchanged at 270c with a special bargain of 607 667 shares executed between Platinum and EFE.

Econet added 0.99c or 1.60% to 63c amid reports that banks are once again up in arms with the telco giant over its refusal to give them access to its network platform to freely roll out their financial products.

Minings remained stable at 42.87 as Bindura and Hwange traded unchanged at 1.9c and 7c respectively.

The top riser on the day was Willdale, gaining 100% to 0.10c while bankers FBC gained 0.68c or 6.79% to 10.70c.

ZB closed buyers only at 11c after reports that the firm unveiled an interest-free informal traders loan faciity aimed at tapping deposits from the informal sector and improve the bank's liquidity.

NTS dosed as the top feller, easing 16.67% to 2.50c while Zimpapers dropped 0.10c or 11.11% to 0.80c. Star Africa traded 8.33% weaker at 1.10c.

African Sun dropped 0.10c or 3.70% to 2.60c after reports that the hotel group is seeking to reduce its short-term debt through a combination of initiatives which will include the sale of the remaining 16 % stake in Dawn Properties and a $6 million rights offer.

Aico Africa eased a marginal 0.01c or 0.12% to 8c

The Datvest All Share Index fell on Friday losing 1.33 points or 0.96% at 137.36 while the FBC ZSE-10 Index was 1.44% weaker at 143.41.

Only the Banking Index afforded a gain recovering 0.83 points or 1.07% at 78.69 on the back of a 6.79% surge in FBC. Of all the 12 sectors on the Zfn board 7 were in the negative, 4 trading unchanged and only 1 was in the positive.
- zfn