Hippo steers ZSE's Industrial Index into the green as market cheers its interims

The Zimbabwe Stock Exchange (ZSE's) Industrial Index recovered +0,25 percent to 143.48 points on gains Hippo Valley Estates Limited as the market welcomed the solid performance from the agro industrial concern.

An impressive +25 percent rally to 100c underlined the excitement in the sugar producing giant Hippo in the wake of their interim results showing a +79,5 percent surge in interim turnover to $70 million,a +78,3 percent rise in PAT to $13,7 million and interim Earnings Per Share of 7,1c.

Fellow agro-concern, AICO Limited, however, traded in the negative easing -2,62 percent to 18,99c in the wake of their September interims in which their first half loss improved to $5 million from last year’s $10,9 million.

The group achieved a 19 percent growth in sales volumes for the period while favourable lint prices saw the group turnover improve 117 percent to $115 million spurred by a 115 percent growth in Cottco Limited revenue to $80,1 million.

Gains were seen in ZimRe Holdings Limited adding +20,83 percent to 1,45, Medtech Holdings Limited put on +15,38 percent to 0,15c while Dairibord Holdings Zimbabwe Limited was +3,63 percent firmer at 20c.

Losses dominated gains in the ratio 14 to 7.

Tourism stocks fared the worst as Rainbow Tourism Group led the losers’ pack with a -23,81 percent fall to 1,6c, while African Sun Limited eased -12,50 percent to its 52-week low of 0,7c despite reports the group has completed its rationalisation exercise.

Plate Glass Industries Limited was -20 percent lower at 2c as retailing giant Truworths Limited lost -12,50 percent to 7c.

Beverages giant Delta Corporation Limited slipped a further –0,68 percent to 73c as OK Zimbabwe Limited eased -5 percent ahead of their interims presentation scheduled for November 23.

Turnover for the day dropped marginally to $980 796 from $1 049 033 while volumes fell drastically to 6,9 million shares from yesterday’s 9,1 million shares.

Foreign participation was net inflows with purchases of 1,5 million shares worth $421 463 against sales of 21 415 shares worth $79 235.

Losses in Bindura Nickel Corporation Limited saw the ZSE's Mining Index slide -0,36 percent to 121.39 points as the Mining Index continues to languish at historical low levels.

The nickel miner, which remains largely under care and maintenance, traded -5,66 percent softer at 5c while Hwange Colliery Company Limited and Rio Zimbabwe Limited closed unchanged.

Post published in: Business

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