ZSE industrials index recovers to breach 100-point mark

ZSE industrials index recovers to breach 100-point mark

HARARE, October 7 (The Source) – The Industrial index on Friday breached the 100 point-mark for the first time since August 24 after gaining by 2.13 percent to close at 101.09 points, but the mining index closed the week in the red as its poor performance continued.

The rise in the mainstream index was on the back of the gains in some heavy weights. The largest company by market share, Delta, gained 4.17 percent to close at 62,50 cents and BAT advanced 2.87 percent to settle at 1,255 cents.

Innscor and Old Mutual also gained 5.64 percent and 3.45 percent to close at 24,35 cents and 300 cents respectively. Seedco, National Foods and Padenga gained 2.51 percent, 1.65 percent and 7.89 percent to trade at 61,25 cents, 215,75 cents and 12,30 cents in that order.

Leading the gainers pack was Zimpapers which picked up 60 percent to close at 0,8 cents. First Mutual and Colcom were also among the top gainers advancing 13.12 percent and 8.11 percent to settle at 2,25 cents and 20 cents respectively.

Some of the heavy weights traded stable in the week under review, with the banker CBZ, and the telecommunication giant, Econet, trading at 9,96 cents and 19,60 cents respectively.

Partially offsetting the gains in the industrial index were losses in Truworths and Ariston which shed 25 percent and 22.22 percent to settle at 0.6 cents and 0.35 cents respectively.

The mining index fell 1.47 percent drop to settle at 26.22 points in the week under review on the back of losses in Bindura which slipped 4.17 percent to close at 1,15 cents. Riozim, Falcon Gold and Hwange remained unchanged at 17.48 cents, 0.5 cents and 3 cents respectively.

The total market turnover close at $2,78 million, with average daily trades of $938,123. Total volumes amounted to 39,816,865 shares at an average of 7,963,373 shares daily.

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Foreigners were net sellers in the week, buying shares worth $1,593 million but selling shares worth $3,846 million.

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The overall foreign investor participation was 57.98 percent daily.

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