Business / Companies
Industrials weaken on heavyweights' sell-off
25 Jun 2013 at 08:02hrs | Views
Selling pressure in mostly heavily capitalised counters saw the Industrials close in the red on Tuesday for the 5th consecutive session.
The Industrials Index dropped 1.73 points or0.80% to 215.24 trimming its year to date gains to 41.23%. The Minings Index however managed 1.84 points or 2.58% to dose at 73.29 after gains in Hwange which added 1.50c to 17.5c.
Total daily turnover improved to $2,984 million on a volume of 12.02 million shares from yesterday's $1,196 million on 5.536 million shares.
Out of the top 10 heavyweights 6 of them closed in the red while only one managed gains.
Barclays, which now accounts for 2.35% of the Industrials Index dropped 0.50c to 6c and looked weak with sellers at the same price as Indigenisation minister Saviour Kasukuwere dismissed claims by Finance Minister Tendai Biti that banks were safe from empowerment laws saying the banking sector has not been exempted from the country's indigenisation regulations.
Delta dropped 1 c to 148c in heavy selling where a total of 732 820 shares worth $1.085mln traded.
Telecoms counter Econet was 1c weaker at 64c in deals worth $496 568. Conglomerate Innscor dropped 2c to 91c while its associate company Natfoods eased 10c to 240c.
Retail counter OK Zimbabwe was 1.01c weaker at 21.99c ahead of its record date of 0.60c this Friday.
Also trading lower was CBZ which eased 0.10c to 13.4c and Pearl Properties 0.09c weaker at 3.51c.
CFI lost 1.5c to 6.5c after media reports that the group is this week expects to conclude an investment deal for its poultry division, Suncrest in a joint venture that will return the company to profitably.
On the upside Afre recovered 1 c to 16c in significant trades worth $437 118.
BAT was the only blue chip to trade firmer after recovering 10c to 810c while DZLH recovered 1.50c to 26.5c from its profit warning statement last week.
Cement manufacturer Lafarge added 5c to 100c while tourism counter RTG was 0.05c firmer at 1.35c. TSL continued to scale new heights after adding 0.50c to 25.5c, its all-time high.
The Datvest All Share Index dropped 121 points or 0.84% to 143.82 while the FBC ZSE-10 Index was 1.81 points or 1.20% weaker at 148.27.
The Truworths Retail Index lost a significant 11.32 points or 3.62% to 301.61 on losses in OK Zimbabwe while the Insurance Index recovered 6.23 points or 4.16% to 155.87 on gains in Afre.
The Industrials Index dropped 1.73 points or0.80% to 215.24 trimming its year to date gains to 41.23%. The Minings Index however managed 1.84 points or 2.58% to dose at 73.29 after gains in Hwange which added 1.50c to 17.5c.
Total daily turnover improved to $2,984 million on a volume of 12.02 million shares from yesterday's $1,196 million on 5.536 million shares.
Out of the top 10 heavyweights 6 of them closed in the red while only one managed gains.
Barclays, which now accounts for 2.35% of the Industrials Index dropped 0.50c to 6c and looked weak with sellers at the same price as Indigenisation minister Saviour Kasukuwere dismissed claims by Finance Minister Tendai Biti that banks were safe from empowerment laws saying the banking sector has not been exempted from the country's indigenisation regulations.
Delta dropped 1 c to 148c in heavy selling where a total of 732 820 shares worth $1.085mln traded.
Telecoms counter Econet was 1c weaker at 64c in deals worth $496 568. Conglomerate Innscor dropped 2c to 91c while its associate company Natfoods eased 10c to 240c.
Retail counter OK Zimbabwe was 1.01c weaker at 21.99c ahead of its record date of 0.60c this Friday.
Also trading lower was CBZ which eased 0.10c to 13.4c and Pearl Properties 0.09c weaker at 3.51c.
CFI lost 1.5c to 6.5c after media reports that the group is this week expects to conclude an investment deal for its poultry division, Suncrest in a joint venture that will return the company to profitably.
On the upside Afre recovered 1 c to 16c in significant trades worth $437 118.
BAT was the only blue chip to trade firmer after recovering 10c to 810c while DZLH recovered 1.50c to 26.5c from its profit warning statement last week.
Cement manufacturer Lafarge added 5c to 100c while tourism counter RTG was 0.05c firmer at 1.35c. TSL continued to scale new heights after adding 0.50c to 25.5c, its all-time high.
The Datvest All Share Index dropped 121 points or 0.84% to 143.82 while the FBC ZSE-10 Index was 1.81 points or 1.20% weaker at 148.27.
The Truworths Retail Index lost a significant 11.32 points or 3.62% to 301.61 on losses in OK Zimbabwe while the Insurance Index recovered 6.23 points or 4.16% to 155.87 on gains in Afre.
Source - zfn
