Business / Companies
ZSE: Industrials snaps 2-day rising streak at week's ending
26 Apr 2013 at 10:44hrs | Views
ZSE shares were back in the negative territory on Friday, breaking a 2-day rising streak in a session where only 5 counters managed gains while 6 traded in the red.
Volumes dropped in the session as the Confederation of Zimbabwe Industries announced that capacity utilisation in the manufacturing sector dropped to 40% in the first quarter from 47% in December last year.
The Industrials Index dropped 0.12 points or 0.06% to 188.94 while the Minings Index closed 0.09 points or 0.13% weaker at 71.00 with Bindura dropping 0.01c or 0.36% to 2.79c.
Heavyweight counters Delta, Econet and Innscor all traded unchanged at 126c, 61c and 86c respectively.
Hwange closed buyers and sellers only at 14c and 16c respectively after reports that the coal-mining firm is seeking to restructure the Built-Operate-Transfer deal for a coal gasification project with a Chinese firm into a joint venture, with Hwange becoming the majority shareholder.
Falgold remained stable at 14c whilst RioZIm closed buyers and sellers only at 45c and 50c after MD Ashton Ndlovu said the firm is undecided over acquiring a 78% shareholding up for sale in Murowa Diamonds adding they would only decide on a final course of action depending on offers from Rio Tinto for the 72% and what the market offers to buy RioZim's 22%.
Total market turnover dropped to $568 180 on a volume of 3.063 million shares compared with yesterday's $1,779 million on a volume of4.942 million shares.
Meanwhile, weekly turnover dropped to $4,795 million on a volume of 20.192 million shares from last week's $5,252 million on a volume of 45.54 million shares.
Interfresh led the top risers on the market adding 0.04c or 20% to 0.24c while ABC traded 10% firmer at 55c. Ariston gained 0.05c or 4.35% to 12c.
Powerspeed and PPC gained 0.05c and 5c each to 1.65c and 220c respectively.
Fidelity Life closed buyers only at 12c amid reports that development work at the firm's $20 million Southview Park high density residential stands project along the Masvingo highway has been exceedingly delayed beyond expectation after the Harare City Council ordered a series of amendments to the initial site plan.
One of the top losers Afre eased 0.50c or 4.35% to 11c after appointment of former Zimnat MD Oliver Mtasa as new chairman in a move widely seen as in keeping with NSSA's plans to have non-executive and independent chairpersons representing its interests on boards of companies the fund controls.
The top faller on the day was Radar shedding 2c or 16.67% to 10c while bankers CBZ dropped 0.40c or 3.08% to 12.6c ahead of the group's AGM on Tuesday 30 April.
Trust closed sellers only at 0.5c amid reports that efforts to recapitalise the bank remain on course in the middle of speculations that some of the bank's major depositors have given support to the bank's ongoing efforts to recapitalise the banking subsidiary of Trust Holdings Limited.
Pelhams and TSL eased 10% and 7.50% each to close at 0.09c and 18.5c respectively.
The Datvest All Share Index however closed a modest 0.04% up at 12820 while the FBC ZSE-10 Index was 0.28% better at 134.03 largely on gains in ABC.
Volumes dropped in the session as the Confederation of Zimbabwe Industries announced that capacity utilisation in the manufacturing sector dropped to 40% in the first quarter from 47% in December last year.
The Industrials Index dropped 0.12 points or 0.06% to 188.94 while the Minings Index closed 0.09 points or 0.13% weaker at 71.00 with Bindura dropping 0.01c or 0.36% to 2.79c.
Heavyweight counters Delta, Econet and Innscor all traded unchanged at 126c, 61c and 86c respectively.
Hwange closed buyers and sellers only at 14c and 16c respectively after reports that the coal-mining firm is seeking to restructure the Built-Operate-Transfer deal for a coal gasification project with a Chinese firm into a joint venture, with Hwange becoming the majority shareholder.
Falgold remained stable at 14c whilst RioZIm closed buyers and sellers only at 45c and 50c after MD Ashton Ndlovu said the firm is undecided over acquiring a 78% shareholding up for sale in Murowa Diamonds adding they would only decide on a final course of action depending on offers from Rio Tinto for the 72% and what the market offers to buy RioZim's 22%.
Total market turnover dropped to $568 180 on a volume of 3.063 million shares compared with yesterday's $1,779 million on a volume of4.942 million shares.
Meanwhile, weekly turnover dropped to $4,795 million on a volume of 20.192 million shares from last week's $5,252 million on a volume of 45.54 million shares.
Powerspeed and PPC gained 0.05c and 5c each to 1.65c and 220c respectively.
Fidelity Life closed buyers only at 12c amid reports that development work at the firm's $20 million Southview Park high density residential stands project along the Masvingo highway has been exceedingly delayed beyond expectation after the Harare City Council ordered a series of amendments to the initial site plan.
One of the top losers Afre eased 0.50c or 4.35% to 11c after appointment of former Zimnat MD Oliver Mtasa as new chairman in a move widely seen as in keeping with NSSA's plans to have non-executive and independent chairpersons representing its interests on boards of companies the fund controls.
The top faller on the day was Radar shedding 2c or 16.67% to 10c while bankers CBZ dropped 0.40c or 3.08% to 12.6c ahead of the group's AGM on Tuesday 30 April.
Trust closed sellers only at 0.5c amid reports that efforts to recapitalise the bank remain on course in the middle of speculations that some of the bank's major depositors have given support to the bank's ongoing efforts to recapitalise the banking subsidiary of Trust Holdings Limited.
Pelhams and TSL eased 10% and 7.50% each to close at 0.09c and 18.5c respectively.
The Datvest All Share Index however closed a modest 0.04% up at 12820 while the FBC ZSE-10 Index was 0.28% better at 134.03 largely on gains in ABC.
Source - zfn
