Industrials in marginal gains ahead of quarter end

The Zimbabwe Stock Exchange's Industrial Index snapped the downward trend in mid week trades to put on a marginal +0,14 percent to 155.73 points ahead of the end of third quarter despite media reports that the National Indigenisation and Economic Empowerment Board is stepping up efforts to ensure that all foreign companies comply with the indigenisation laws through a wide scale compliance audit expected to commence next month.

Risers dominated the movers list as 15 counters recorded gains against seven losers with trading much thinner in normal trades that saw the value traded dropping to $747 319 from 14 million shares as most heavy counters SeedCo Limited, Econet Wireless Zimbabwe Holdings Limited, Hippo Valley Estates Limited, Old Mutual Zimbabwe Limited and ABC Financial Holdings Limited, recorded small volumes.

Despite a special bargain of 10,5 million shares in property counter Pearl Holdings Limited which improved value traded to $1 067 319, turnover was still 50 percent lower than yesterday’s $2 089 487.

Volume traded also declined to 23,9 million shares down from 24,7 million shares yesterday.

Trading in the positive was AICO Limited which added +6,25 percent to 25,5c, ABC put on 2,18 percent to 89c, CBZ Financial Holdings Limited and Econet advanced +0,74 percent apiece to 13,60c and 408c, respectively.

Tobacco Associates Holdings Limited (TA) was +5,88 percent firmer at 18c.

Small cap counters led the charge as illiquid Border Timbers Limited put on +53,33 percent to 45c while furniture group, Pelhams Holdings Limited added +.45,45 percent to 0,80c.

Losses were seen in Chemco Holdings Limited which eased -24 percent to 19c, Nicoz Diamond Zimbabwe Limited reversed yesterday’s gains as it lost -11,76 percent to close at 3c while Hippo eased -5,26 percent to a 52-week low price of 90c.

Losses in Rio Zimbabwe Limited and Hwange Colliery Company Limited saw the ZSE's Mining Index slide -0,45 percent to 143.21 points.

RioZim lost -1,68 percent to 58,99c on selling pressure while Hwange shed -0,27 percent to 24,85c.

Post published in: Business

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