ZSE's Industrial Index in marginal gains

The Zimbabwe Stock Exchange (ZSE) opened the week on marginal gains helped by Innscor Corporation Limited, AICO Limited and Colcom Holdings Limited, while a special bargain in Tobacco Sales Limited (TSL) lifted the day’s turnover to $11,8 million.

A consortium of local investors snapped a 29,70 percent stake in diversified group TSL through a special bargain of 102 751 038 at 11c (a premium of 38 percent to market price of 8c.) in a trade worth $11,3 million while trading was generally subdued with normal trades amounting to $534 361.

TSL, however, eased -5,88 percent to 8c in normal trades after a profit warning statement advising that profitability for the year ended October 31, 2011 is below expectation owing to a tough second half caused by among other things; less tobacco intake following the downward revision in tobacco output, tougher trading environment especially the agro chemicals division and a book loss following the disposal of Premier Milling (Private) Limited by subsidiary, Chemco Holdings Limited (Chemco).

The ZSE's Industrial Index added +0,15 percent to 145.27 points.

Trading in the positive was AICO which put on +5 percent or 1c to 21c ahead of analyst briefing and results presentation on Wednesday November 16, OK Zimbabwe Limited put on 5,26 percent to 10c ahead of analyst briefing on November 23 while Colcom and parent Inncsor added +2,78 percent and 2,42 percent to 37c and 58c, respectively.

Zimplow Holdings Limited (Zimplow) eased -5,88 percent to 8c despite a 9 month to September 30 trading update last week indicating that volumes, revenue and attributable profits are up 32 percent, 42 percent and 51 percent to 80 tonnes, $9 million and $1,2 million, respectively, relative to comparable period last year.

SeedCo Limited lost -4,55 percent or 5c to 105c after an reporting a loss of -$1,4 million in the first half to September 30, 2011 which is line with the seasonal nature of their business model as the first half is its traditional cost accumulation period.

Delta Corporation Limited (Delta) shed a marginal -0,13 percent to 74,9c while Econet Wireless Zimbabwe Holdings Limited (Econet) continue to oscillate between 365 and 370c, easing -1,35 percent or -5c to 365c.

Foreign participation was net outflow with sales worth $222 810 from 450 085 shares against $201 806 bought from 469 904 shares.

The ZSE's Mining Index was steady 121.40 points with Rio Zimbabwe Limited (RioZim), the only counter to record a trade.

Rio was mainly unchanged at 50c.

Post published in: Business

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