ZSE shares close weaker at start of year's 2nd half

ZSE shares stayed in the red at the start of the second half of 2013 as Delta continued to trade lower while Minings gave in to losses in Bindura.

The Industrials Index eased 0.21 points or 0.10% to 210.98 as heavyweight counters remained weak with Delta and OK Zimbabwe trading in the red while Econet remained stable.

Blue chip Delta closed amongst the top 5 fallers shedding 1.06c or 0.76% to 138.94c and OK Zimbabwe dropped a modest 0.04c or 0.18% to 22c.

Innscor however closed one of the top 5 risers, gaining 0.48c or 0.53% to 91.5c while Econet remained stable at 66c.

The Minings Index also eased 0.89 points or 1.21% to 72.40 as Bindura dropped 0.10c or 6.67% to 2.65c while there was no activity recorded in other mining counters.

Volumes dropped with the daily market turnover closing below the psychological $1 million level at $889 052 on a volume of 3.890 million shares compared with last Friday's $6,235 million on a volume of 67.29 million shares.

BAT led the top risers on the day after picking up 50c or 5% to sail past the $10 mark to $10,50 while Willdale rose by 0.05c or 20% to 0.3c. ZPI added 0.05c or 4.55% to 1.15c while Lafarge added 0.99c or 0.99% to 101c.

Edgars traded unchanged at 13c in the wake of reports that the firm plans to open 3 new outlets of its budget shop - Jet Stores. DZHL eased 0.20c or 0.80% to 24.8c.

The top loser on the market was Star Africa, shedding 0.10c or 6.67% to 1.4c after reports that the firm's liabilities far outstrips its assets thus will sell its investment in Botswana-based associate Tongaat Hulett and Blue Star Logistics to clear the debts.

Aico Africa dropped 0.50c or 7.14c to 6.5c amid reports that the group is in advanced talks to engage an investor who would inject at least $20 million fresh capital.

PG Industries was sellers only at 0.7c as group CE Hilary Munyati told the AGM last Friday that gross sales increased by 21% to $14.3 million as at 31 May 2013 compared with the prior period.

CFI closed buyers only at 6c after announcing last Friday that the group is planning to sell its 49% shareholding in Victoria Foods to a South African company, Grindrod Trading Limited, for S3.2 million.

There are no changes to the FBC ZSE-10 this quarter, although it is worth noting that among the top 10 companies on the ZSE there has been considerable movement OK Zimbabwe has overtaken Hippo to become the 4th biggest company by market capitafisation on the index while BAT is a mere $10 million behind Hippo following its rise to $10 on Friday. Nattoods has overtaken both Old Mutual and SeedCo to claim 7th position. The most notable movement outside the top 10 is TSL, which has moved into 12th position. Watch this stock.

We've also made a few adjustments to the heavyweights given recent performances and announcements. Delta's fair value market cap forecast has been upgraded to $1.5 bin from $12 bin following its F13 results, while we've lifted Econet to $1 bin from $800 million in light of the appointment of a third non-executive director. BAT Zimbabwe has been doubled to $100 million in the wake of its F12 results. This lifts our overall value of shares on the ZSE global register to just over $6 bin, which is around its current level.

Those adding shares to their registers this quarter include Astra, Cafca, Delta, Edgars, NicozDiamond, OK Zimbabwe and TSL.

The Datvest All Share Index dropped 0.07 points or 0.05% to 142.13 while the heavyweight's measure, the FBC ZSE-10 Index was a modest 0.01 % weaker at 146.86.

There were only 2 sectors to record gains with the Conglomerates Index rising 0.30% to 78.30 and the Property Index adding 0.73 points or 0.62% to 116.95.