Bindura gains drive mining index higher

Bindura gains drive mining index higher

HARARE, December 11 (The Source) – Gains in nickel miner Bindura lifted the mining index by three percent on Monday to close at 136,78 points while the main industrial index opened weaker on growing confidence on the country’s economic direction.

Last week Bindura reported that its after tax profit nearly doubled to $2,2 million in the six months to September on higher nickel prices and cost containment measures.Its revenue rose 7 percent to $24,1 million from $22,5 million in the comparable period last year.

The industrial index however eased 0,69 percent to settle at 33,64 points on losses recorded by selected heavyweights as the market continues to self-correct.

Market capitalisation closed at $9,58 billion while market turnover amounted to $2,2 million.

Mobile operator, Econet eased 5,96 percent to trade at 97,83 cents.

Old Mutual dropped 7,62 percent to settle at 439,39 cents while FML lost 2,7 percent to trade at 18 cents.

Partially offsetting the loss recorded by the mainstream index, the largest company by market capitalisation Delta advanced 3 percent to settle at 156 cents.

On the resources space, Bindura added 11,86 percent to settle at 4,81 cents while other mining counters remained unchanged.

Foreign buys amounted to $2,11 million compared to sales which were $1,8 million.