25 May 2012

Zimbabwe: Innscor, TA Weigh Down Stocks

THE Zimbabwe Stock Exchange slipped 0,14 percent to close 133,08 points, weighed down by losses in Innscor and TA Holdings. Trading was subdued as volume traded plummeted to 2,8 million shares while turnover dropped 60 percent to US$556 755.

Statistics from ZSE indicated that foreign participation remained solid, with purchases amounting to US$349 640 and there were no sales.

The resources index was unchanged at 83,95 points.

Innscor, which enjoyed a sharp rally, gaining 12,74 percent in the space of four trading sessions earlier this week, faced resistance at US61,11c and lost 1,61 percent to US60c for the second session.

There were six losers, mainly small-capitalised counters, as most heavy capitalised stocks maintained previous limits.

Beverages maker Delta was being offered at only US69,98c with no trades.

Econet was steady at 420c and continues to enjoy buoyant demand from locals. But the price could not move, despite announcing its US$307 million loan facility from local and foreign financial institutions.

Dual-listed insurance giant Old Mutual traded unchanged at US145c but closed net sellers while Seed Co was bid and offer at US85c and US90c respectively.

Another dual-listed concern PPC was offered only at US258c, despite releasing its interims to March 31, showing an 8 percent growth in headline earnings to 407 million rand while dividend grew by 9 percent to US38c per share.

Reporting its first ever profits since dollarisation, ART Corporation was bid and offer at US0,3c and US0,4c after reporting a much improved set of interims with a net profit of US$244 million.

Property concern Mashonaland Holdings was bid at US2c, despite having released a strong set of interims to March, driven by positive lease negotiations as rental income grew 35 percent to US$3,6 million and posted a attributable profit of US$2 million from US$1,4 million in 2011.

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