Business / Companies
ZSE:- Econet, Innscor drag Industrials lower
11 Apr 2013 at 11:12hrs | Views
Losses in heavyweights Econet and Innscor dragged the Industrials lower for the second straight session on Thursday wiping out gains in Delta and Natfoods.
The Minings sector also extended losses after the blue chips Hwange and RioZim traded lower to cancel out gains in nickel miner Bindura.
The Industrials Index dropped 0.35 points or 0.19% to 188.03 as Econet and Innscor eased 1c and 2c each closing at 67c and 87c respectively. Hippo remained stable at 115c.
Delta gained a marginal 0.99c or 0.81% to 123c in deals worth $245 815 on a volume of 199 850 shares after announcing the introduction of non-returnable bottles for its premium lagers.
The Minings Index also dropped 0.54 or 0.82 points to close at 65.39 points owing to significant losses in RioZim and Hwange which cancelled the gains in Bindura. RioZim, the top faller on the day, dosed 4.46% weaker at 45c whist Bindura was 3.70% firmer.
Hwange traded in the red today dropping 0.50c or 4% to 12 amid reports that the mining firm engaged forensic auditors to investigate its costly debt in excess of $30 million, as speculation swirled in the market that directors and shareholders suspected pillaging of borrowed resources by some executives.
Total market turnover for the day improved slightly to $913 934 on a volume of 10.99 million shares from yesterday's $611 742 on a volume of 8.625 million shares.
PG Industries led the top risers for the day adding 020c or 33.33% to close at 0.80c whilst CFI gained 0.50c to 5c. Clothing retailer Truworths advanced 0.30c or 6% to its best level in 52 weeks of 5.3c.
Innscor's associates, Natfoods and Colcom traded on the positive advancing 5c and 1c each to close at 215c and 26c respectively.
Afre continued to rally after gaining another 0.51c or 4.86% to 11.01c, its best level in 52 weeks. Meanwhile, Aico Africa recovered 0.20c or 2.94% to 7c.
Top loser for the day was cement manufacturer PPC dropping 10c or 4.35% to 220c while SeedCo traded 4.29% weaker at 67c.
Padenga eased 0.20c or 4% to 4.80c. TA Holdings dropped 0.10c or 1.23% to 8 and ZPI traded 0.02c lower at 1.4c.
Trust closed buyers and sellers only at 0.4c and 0.8c after reports that the bank lurched into crisis this week after it failed to produce toll-year results to December 31 2012 before the deadline.
The Zfn board stayed much in the red with the Datvest All Share Index shedding 0.34 points or 0.26% to 128.65 while the FBC ZSE-10 Index was 0.42% weaker at 135.90.
The Minings sector also extended losses after the blue chips Hwange and RioZim traded lower to cancel out gains in nickel miner Bindura.
The Industrials Index dropped 0.35 points or 0.19% to 188.03 as Econet and Innscor eased 1c and 2c each closing at 67c and 87c respectively. Hippo remained stable at 115c.
Delta gained a marginal 0.99c or 0.81% to 123c in deals worth $245 815 on a volume of 199 850 shares after announcing the introduction of non-returnable bottles for its premium lagers.
The Minings Index also dropped 0.54 or 0.82 points to close at 65.39 points owing to significant losses in RioZim and Hwange which cancelled the gains in Bindura. RioZim, the top faller on the day, dosed 4.46% weaker at 45c whist Bindura was 3.70% firmer.
Hwange traded in the red today dropping 0.50c or 4% to 12 amid reports that the mining firm engaged forensic auditors to investigate its costly debt in excess of $30 million, as speculation swirled in the market that directors and shareholders suspected pillaging of borrowed resources by some executives.
Total market turnover for the day improved slightly to $913 934 on a volume of 10.99 million shares from yesterday's $611 742 on a volume of 8.625 million shares.
Innscor's associates, Natfoods and Colcom traded on the positive advancing 5c and 1c each to close at 215c and 26c respectively.
Afre continued to rally after gaining another 0.51c or 4.86% to 11.01c, its best level in 52 weeks. Meanwhile, Aico Africa recovered 0.20c or 2.94% to 7c.
Top loser for the day was cement manufacturer PPC dropping 10c or 4.35% to 220c while SeedCo traded 4.29% weaker at 67c.
Padenga eased 0.20c or 4% to 4.80c. TA Holdings dropped 0.10c or 1.23% to 8 and ZPI traded 0.02c lower at 1.4c.
Trust closed buyers and sellers only at 0.4c and 0.8c after reports that the bank lurched into crisis this week after it failed to produce toll-year results to December 31 2012 before the deadline.
The Zfn board stayed much in the red with the Datvest All Share Index shedding 0.34 points or 0.26% to 128.65 while the FBC ZSE-10 Index was 0.42% weaker at 135.90.
Source - zfn
