Isolated gains lift Industrial Index

HARARE - THE isolated gains during the first half of the week lift the Industrial Index to close at 157.98 points after shedding 0.54 points previously, the Zimbabwe Stock Exchange (ZSE), has confirmed.

The bourse said this was a 0.34 percent increase from the previous reading. Companies that won the gold medal this week include cement manufacturer, Pretoria Portland Cement (PPC) which rose by 3.5 cents, Delta Corporation Limited (Delta) up by one cent, and electrical cable manufacturer, Cafca Limited (Cafca) also up by one cent.

The ZSE said other firms that did well during this part of the week included OK Zimbabwe Limited (OK), which went up by 0.5 cents and Fidelity Limited (Fidelity), the insurance giant, also up by 0.1 cent. However, the ZSE said, companies that did not do too well during the week under review included wealthy Meikles Africa Limited (Meikles) down by one cent, Turnall Limited (Turnall) also down by 0.5 cents and AICO Africa Limited (AICO) nose diving by 0.1 cents for the period under review.

Tycoon and lawyer, Tawanda Nyambirai’s TN Financial Holdings Limited (TN) went down by 0.1 cents during the period.

Nyambirai recently opened the latest commercial bank in Zimbabwe known as TN Bank Limited.

“The isolated gains lifted the Industrial Index to close at 157.98 points after 0.54 points, a 0.34 percent increase,” a stock market analyst said. “Cement manufacturer, PPC added 3.50 cents to trade at 325 cents with Cafca and Delta up a cent each to close at 29 cents and 71 cents respectively.” The stock market analyst said OK Zimbabwe rose 0.50 cents to close at 8 cents and South African-controlled Old Mutual Limited (Old Mutual) was slightly up at 162.10 cents.

However, the ZSE said, four counters fell by the way side as Meikles dragged a cent to 54 cents and Turnall retreated 0.50 cents to 0.50 cents. AICO Africa and TN lost 0.10 cents each to close at 18 cents and 0.80 cents, respectively. The stock market analyst said the Mining Index, on the other hand, was “flat” at 231.57 points as all counters were unchanged at previous trading day’s levels.

Post published in: Economy

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