28 November 2012

Zimbabwe: ZSE Industrial Index Falls

THE ZSE industrial index fell yesterday on losses in selected heavyweight stocks. After trades, the industrial index declined 0,51 percent or 0,78 points to 152,08 while the minings index rose 0,57 percent or 0,39 points to 68,58. Total market revenue slightly improved to US$866 856 on about 4,5 million shares from US$614 775 on about 717 470 shares that traded on Monday.

Innscor fell US2c to US68c following the appointment of Mr John Koumides as chief executive. Mr Koumides replaced Mr Tom Brown who will officially leave the group with effect from December 31 this year.

At the company's annual general meeting last Friday, the incoming chief executive said revenues rose 7 percent in the three months to September 30 compared with the previous corresponding quarter, while profits increased 25 percent ahead of last year's.

Old Mutual lost US0,10c to US165c while PPC remained stable at US240c. The country's largest cement manufacturing company intends to spend at least US$200 million on building a new cement processing plant in Mashonaland Central Province with an annual capacity of one million tonnes, its managing director Mr Zak Limbada said last week.

The company has already started drilling to determine the raw materials in Rushinga area and some north eastern parts of the country. The company is targeting an additional one million tonnes to add on what it is currently producing.

Aico Africa remained unchanged at US12c ahead of its interims and analysts briefing tomorrow afternoon.

Barclays lost US0,20c to 2,4c, CBZ was US0,60c lower at US11,4c while ZBFH dropped 0,50c to its year to date lowest of US7,5c.

Banks have allegedly plunged into panic mode after Finance Minister Tendai Biti announced plans to introduce measures that could eat into a substantial chunk of the financial institutions' income. Sources in the banking sector said the Bankers Association of Zimbabwe has since engaged Reserve Bank of Zimbabwe Governor Dr Gideon Gono for a Memorandum of Understanding around a number of burning issues.

On the upside was African Sun which gained US0,05c to US0,95c. Edgars was up US0,20c to US8,5c while OK Zimbabwe, which declared an interim dividend of US0,20c, rose US0,03c to US14,5c.

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