Buying Interest Spurs Industrials Recovery As Bindura Sinks Minings

BUYING interest on selected counters lifted the Zimbabwe Stock Exchange (ZSE's) Industrial Index marginally putting on +0,04 percent at 161.83 points on 16 gainers.

Turnover improved to $2,1 million on 14,8 million shares up from 12 million yesterday.

There was a significant improvement in liquidity among local investors as local trades accounted for 90 percent ($1,96 million) of total purchases against 10 percent foreign inflows.

Favorite counters among local investors were second tier stocks which dominated trades in terms of volumes and value traded for the second trading session.

Retail group OK Zimbabwe Limited (OK) was unchanged at 10,50c as 4,2 million units exchanged hands in trades worth $445 887 while Tobacco Sales Limited (TSL) was also stable at 10c and saw 3,9 million shares being traded. Regional banking group ABC Financial Holdings Limited (ABCH) put on +7,69 percent to trade at 70c with 650 000 shares trading in largest trade of the day, ahead of its analyst briefing and results presentation on Thursday, August 18.

On the recovery were heavyweight counters, SeedCo Limited, Innscor Corporation Limited and Old Mutual Limited which put on 1c apiece to 123,10c, 64c and 151c, respectively, while agro industrial group, AICO Limited (AICO) put on 2 percent to close at 52-week high of 25,5c. Fresh buying interest in British American Tobacco Zimbabwe Limited (BAT) saw its price firm +9,31 percent to close buyers at 95,10c.

Trading in the negative was telecommunications giant Econet Wireless Holdings Zimbabwe Limited (Econet) which slipped -2,25 percent to close at 430,1c on selling pressure, Tobacco Associates Limited (TA) lost -9,09 percent to close at a 52-week low of 10c while the wealthy Meikles Africa Limited (MAL) also closed at 52-week low of 28c after trading 3,45 percent lower.

The resources sector traded -0,46 percent lower at 160.63 points on losses in Bindura Nickel Corporation Limited (Bindura) which eased -25 percent at 52-week low of 4,50c.

Other mining stocks Falcon Gold Limited (Falgold), Hwange Colliery Company Limited (WCCL) and Rio Zimbabwe Limited (RioZim) recorded no trades.

Post published in: Business

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