Business / Companies
Econet results fail to cheer ZSE shares
31 May 2013 at 05:51hrs | Views
ZSE shares were back in the red on Friday after Econet February finals failed to cheer the market with investors flagging a sell-off in the telecoms counter.
The Industrials Index eased 0.39 or 0.18% to 212.38 points with heavyweights Econet and Innscor closing amongst the top 5 losers of the day.
Econet closed 3.58% weaker at 70c in response to below market expectations February finals announced yesterday where no dividend was declared.
Blue chip Delta closed as one of the top 5 risers on the market gaining 1.01c or 0.70% to 146.01c while Innscor eased 0.30c or 0.33% to 92c.
The Minings Index also eased 1.57 or 2.08% to 73.99 points with Hwange and Bindura shedding 625% and 1.38% each to 15c arid 2.86c respectively.
RioZim closed buyers and sellers only at 45c and 55c group CEO Ashton Ndlovu told the AGM yesterday that the mining firm's turnover increased by 43% from $15.80 million in 1Q12 to $22.65 million.
Daily market turnover improved significantly to $2,108 million on a volume of 5.712 million shares on the back of 2 special deals in Econet and TA Holdings.
Weekly market turnover however, dropped to $6,602 million on a volume of 36.92million shares against last week's $7.757million on a volume of 38.90million shares.
The top riser on tie day was Ariston which added 0.19c or 14.50% to 1.5c while NicozDiamond was 3.70% firmer at 1.4c.
Bankers ZBFH added 0.50c or 4.76% to 11c. ABC closed buyers and sellers only at 60c and 70c after reports that minority shareholders in the company are unlikely to accept a mandatory offer by majority shareholders after it emerged this week that the current valuation of BancABC was too low and would likely prejudice minorities.
Star Africa was the top loser shedding 0.40c or 25% to 1.2c.
BAT eased 2c or 0.24% to 830c after MD Lovemore Manatsa said the group paid $13.4 million in dividends for the year ended December 31,2012 and was likely to miss its targeted 700 million cigarettes by June 2013 due to an upward revision in excise duty coupled with depressed consumer disposable income.
Radar closed buyers and sellers only at 11c and 12c respectively after announcing that the group has received requisite regulatory approvals from the ZSE, Securities Commission of Zimbabwe and the Exchange Control Division of the RBZ on tie dividend declaration by way of a distribution in specie of 22 005 087 shares in Border Timbers held by Radar.
Meanwhile, the ZSE has appointed Alban Chirume as the substantive chief executive. Chirume, the former chief executive of the Securities Exchange Commission of Zimbabwe, takes over from Martin Matanda, who has been acting since the departure of Emmanuel Munyukwi last year.
Trust shares were suspended from trading on the ZSE this morning after the company applied for voluntary suspension because Trust Bank has not yet published its December finals and as a result the holding company has not also published its financials.
The Industrials Index eased 0.39 or 0.18% to 212.38 points with heavyweights Econet and Innscor closing amongst the top 5 losers of the day.
Econet closed 3.58% weaker at 70c in response to below market expectations February finals announced yesterday where no dividend was declared.
Blue chip Delta closed as one of the top 5 risers on the market gaining 1.01c or 0.70% to 146.01c while Innscor eased 0.30c or 0.33% to 92c.
The Minings Index also eased 1.57 or 2.08% to 73.99 points with Hwange and Bindura shedding 625% and 1.38% each to 15c arid 2.86c respectively.
RioZim closed buyers and sellers only at 45c and 55c group CEO Ashton Ndlovu told the AGM yesterday that the mining firm's turnover increased by 43% from $15.80 million in 1Q12 to $22.65 million.
Daily market turnover improved significantly to $2,108 million on a volume of 5.712 million shares on the back of 2 special deals in Econet and TA Holdings.
Weekly market turnover however, dropped to $6,602 million on a volume of 36.92million shares against last week's $7.757million on a volume of 38.90million shares.
The top riser on tie day was Ariston which added 0.19c or 14.50% to 1.5c while NicozDiamond was 3.70% firmer at 1.4c.
Bankers ZBFH added 0.50c or 4.76% to 11c. ABC closed buyers and sellers only at 60c and 70c after reports that minority shareholders in the company are unlikely to accept a mandatory offer by majority shareholders after it emerged this week that the current valuation of BancABC was too low and would likely prejudice minorities.
Star Africa was the top loser shedding 0.40c or 25% to 1.2c.
BAT eased 2c or 0.24% to 830c after MD Lovemore Manatsa said the group paid $13.4 million in dividends for the year ended December 31,2012 and was likely to miss its targeted 700 million cigarettes by June 2013 due to an upward revision in excise duty coupled with depressed consumer disposable income.
Radar closed buyers and sellers only at 11c and 12c respectively after announcing that the group has received requisite regulatory approvals from the ZSE, Securities Commission of Zimbabwe and the Exchange Control Division of the RBZ on tie dividend declaration by way of a distribution in specie of 22 005 087 shares in Border Timbers held by Radar.
Meanwhile, the ZSE has appointed Alban Chirume as the substantive chief executive. Chirume, the former chief executive of the Securities Exchange Commission of Zimbabwe, takes over from Martin Matanda, who has been acting since the departure of Emmanuel Munyukwi last year.
Trust shares were suspended from trading on the ZSE this morning after the company applied for voluntary suspension because Trust Bank has not yet published its December finals and as a result the holding company has not also published its financials.
Source - zfn
