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ZSE: Industrials rallies into uncharted territory as volumes improve

by Business reporter
09 May 2013 at 11:47hrs | Views
ZSE's Industrials jumped to a fresh all-time high on Thursday buoyed by positive trades and volumes in Econet, Innscor and OK Zimbabwe.

On a year to date basis the Industrials have done 33.63% to register their best run since dollarisation. Minings however are just 12.50% up since January.

The Industrials Index closed at another all-time high at 203.65 points after heavyweights Econet and Innscor advanced 2.50c and 1.07c each to 74.5c and 92.1c respectively. One of the top 5 risers, OK Zimbabwe traded 6.84% firmer at 25c while Delta remained stable at 135.01c.

The Minings Index remained stable at 73.26 points with Bindura being the only mining counter to trade on the market at an unchanged price of 3c.

Total volumes traded on the market significantly improved to 6.523 million shares against yesterday's 3.843 million shares with considerable volumes traded in Econet (1.646 million) and Innscor (460 469).

The total value also improved surpassing the psychological $1 million level at $2,837 million up from yesterday's $757 480. OK Zimbabwe contributed $1.568 million, Econet $1,226 million and Innscor $460 469 to the total value on the market

Top gainer on the day was Star Africa adding 0.20c or 14.29% to 1.60c while SeedCo gained 4c or 6.06% to 70c. African Sun closed 5.26% higher at 1.60c.

Zimplow Holdings recorded a 4% increase of 0.20c to 5.20c.

Afre and DZLH added 2.80% and 1.75% each to 11c and 29c respectively. Old Mutual gained a modest 0.50c or 0.22% to 230.5c.

Clothing retailer Edgars was the only counter to trade on the downside on the day dropping 0.09c or 0.74% to 12.11 c.

ZBFH closed buyers at 8c after announcing the declaration of 0.16c final dividend and setting the record date for May 17. Bankers, CBZ added 0.20c or 1.45% to 14c.

There was not even a single sector to record losses in the Zfn board with the Datvest All Share Index rising 1.39% to 139.16 while the FBC ZSE-10 Index advanced 1.62% to 148.18.

OK Zimbabwe's continued rally saw the Truworths Retail Index rising another 5.65% to 330.61 to become the best performing sector since January up 64.03%.

Meanwhile dealers observed a moment of silence before the call-over in honour of the passing on of their colleague and ABC Stockbrokers dealer Fritzgerald Chitonga in a car accident along Lomagundi Road early this morning.

Source - zfn