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Masimba Holdings continues to firm as ZSE rebounds

by Business reporter
29 May 2013 at 04:38hrs | Views
Masimba Holdings performance in the year to date rose to 183.33% on Tuesday as the company continued to firm towards the $20 million market capitalisation mark with the price getting closer to its NAV.

At close, Masimba put on 0.39c to 8.50c taking its market cap to $18.21 million. There is renewed buying interest in the counter from mostly local buyers following the controversies surrounding the purchase of them M & R South Africa stake by Zumbani Capital.

CE Canada Malunga says the group will have an increased focus in construction and infrastructure and expects to benefit from the anticipated growth in economic development post the elections. He said the construction division has capacity to turnover $60 million at the current overhead structure.

However it was gains in selected heavyweights which led the market higher as the Industrials Index closed 0.17% higher to 212.13 and the Minings Index added 0.23% to 74.75 after Hwange's 0.5c gain to 16c outweighed Bindura's loss  

Innscor was up 0.5c to 92.5c taking its market cap closer to the $500 million mark at $499.61 million. NatFoods put on 8.5c to a new high of 270c. Innscor is due to appear before the Competitions and Tariff Commission on allegations of restrictive practices following its purchase of a controlling stake in NatFoods.

PPC led the risers gaining 25c to 275c while NTS was the worst of only three fallers losing 0.2c to 2c. OK , which is due to report its March results pared 1c to 28c.

AfSun with upcoming results, put on 0.02c to 1.84c and fellow hotel group Meikles rose 1.5c to 27.5c taking its market cap to $83.33 million.

Pearl Properties was buyers only at 3.25c in the wake of its AGM trading update where the group said operating profit was up a marginal 4.64%.

BAT was unchanged at 825c in the wake of its AGM where the group said volumes are currently down 16% but the group's revenue had increased. Management said that it was hopeful F13 would register an improved performance on last year.  

Turnover was at $1.47 million with an almost equal split between foreign and local trades. The number of trades overall totaled 82 from 3.4 million shares. 

Source - financialexpress