Industrials Continue To Edge on Econet

THE Industrial Index on the Zimbabwe Stock Exchange (ZSE) traded in the positive for the second consecutive session putting on +0,17 percent at 164.23 points buoyed by the recovery in Econet Wireless Holdings Zimbabwe Limited (Econet) which added +1,14 percent to close at 445c.

The telecommmunications giant has been on a steady recovery since hitting a 52-week low price of 420c last week.

Other gains were seen in AICO Limited up +3,99 percent at 25.02c, Innscor Corporation Limited added +1,01 percent at 64,01c while Pretoria Portland Cement (PPC) put on +1,22 percent at 335,05c.

The favorite stock of the day was retail group, OK Zimbabwe Limited which put on +3,18 percent on buying pressure as 2 million shares exchanged in hands in the largest trade of day worth $239 000.

Other notable volumes were seen in banking group CBZ Financial Holdings Limited (CBZ) which pared -3,5 percent at 14c on 1,3 million shares.

Highly illiquid counter, Border Timbers Limited recorded its first trade in months shedding a massive -45 percent at 30c despite a notice to shareholders advising them that the company has resumed normal production at its Nyakamete Creosote and CCA treating Plants which were gutted by fire on June 29.

Profit taking in furniture manufacturer Pelhams Limited saw its price plummet -29,41 percent at 0,6c.

Pelhams, however, remain one of the best performing stocks on the local bourse with a year-to-date gain of +23333 percent.

Trading was fairly thin across board as value traded declined -43 percent at $1,7 million while volume traded totaled 9,7 million units down from 60 million shares yesterday.

Foreign trades were depressed amounting to a paltry $163 000 on the buying side while outflows stood at $217 000.

The ZSE's Mining Index, on the other hand, sank -2,11 percent at 154.23 points on widespread losses in the resources sector.

Three of the four listed resources counters traded in the negative with Bindura Nickel Corporation Limited (Bindura) shedding -7,14 percent at 6,50c, Falcon Gold Limited (Falgold) lost -12,50 percent at 3,50c while Whange Colliery Company Limited (WCCL) slipped -1,79 percent at 55c in light of its explosive Annual General Meeting (AGM) that took place in the morning. At the highly contentious AGM, the current board of directors was sacked while a new board was duly appointed amid protests from the current board which is challenging the legality of the AGM.

The High Court is expected to make a ruling on the application tomorrow.

Rio Zimbabwe Limited (RioZim) recorded no trades with bids and offers at 80c and 95c, respectively.

Post published in: Business

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