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ZSE shares continues to rise as activity slows

by Business reporter
16 May 2013 at 11:26hrs | Views
ZSE shares advanced to fresh heights on Thursday steered by upbeat earnings from Delta and upcoming Econet finals but overall activity slowed with just 20 counters recording trades compared with 30 that traded yesterday.

The Industrials Index gained 1.13 points or 0.55% to 206.84, an all-time high buoyed by gains in Delta, Econet. and OK Zimbabwe.

Delta added 1.10c or 0.81 % to 136.1c after CEO Pearson Gowero told an analyst briefing yesterday that the firm's revenue and margins for the year ending 31 March 2013 were driven by premiumisation in lager beer and soft drinks and price correction in Chibuku.

Heavyweights Econet and OK Zimbabwe gained 1.02c and 1.01c each to 71.02c and 28.01c respectively. Meanwhile, Innscor remained stable at 93c.

The Minings Index also added 1.17 points or 1.59% to 74.84 as Falgold led the top risers on the day adding 1c or 8.33% to 13c. Bindura closed 1.35% firmer at 3c.

Total market turnover dropped to $586 343 on a volume of 5.680 million shares from yesterday's $2,680 million on a volume of 6.864 million shares.

Star Africa advanced 0.10c to close at 1.70c ahead of its lenders and creditors meeting on Wednesday June 5 to approve the disposal of investments in an associate company.

Please note that there were no trades in Powerspeed as indicated on our price sheet Powerspeed closed buyers and sellers only at 1.5c and 1.7c respectively.

African Sun traded 5.59% higher at 1.70c, a new 52-week high while Art gained 0.03c or 5% to 0.63c.

Afre traded 0.3c or 2.5% firmer at 12.3c and Padenga advanced a marginal 0.05c or 1 % to5.05c. Masimba added 0.20c or 3.77% to 5.5c.

Cement manufacturers Lafarge and PPC gained 1c each to 86c and 273c respectively.

Fidelity Life closed buyers and sellers only at 11 c and 12c after reports that the firm has clinched a management contract with an unnamed insurance company in South Sudan.

The only counters to close in the red were Afdis and Hippo which dropped 3c and 5c each to 20c and 110c respectively. RTG closed buyers only at 1c after setting its AGM for Wednesday June 12.

The Datvest All Share Index was 0.61% firmer at 140.96 taking its gains since January to 39.72% while the FBC ZSE-10 Index added 1.04 points or 0.70% to 149.84 and is now 47.13% up this year to date.

Meanwhile, Finance Minister Tendai Biti has said the ZSE will no longer be allowed to regulate itself owing to past abuses and malpractices and insider trading by the players as no person with shares in a listed company would be allowed to sit on the board set up to regulate the bourse. 

Source - zfn