15 January 2013

Zimbabwe: Industrial Index Closes Higher

THE industrial index closed higher yesterday for the eighth consecutive day, after gaining 0,06 percent or 0,09 points to 159,99 points, led by selected heavyweight stocks. Minings were unchanged at 72,25 points.

The trading session was fairly active with some well-structured deals in Dairibord Limited and Delta Corporation being recorded. The two traded one million shares and 979 000 shares respectively. Daily turnover was solid at US$1,7 million.

Cigarette manufacturer BAT Zimbabwe Limited recovered a substantial US40c to US400c. DZLH was up US2,25c to settle at US23,25c and TPH advanced US0,50c to close at US10c. Innscor was up US0,20c to US76,20c.

Last week, the Government gave Innscor a seven-day ultimatum to submit a comprehensive indigenisation implementation plan after authorities decided the group of companies was taking long to comply.

According to our sister paper, The Sunday Mail, citing a letter addressed to Innscor chief executive Mr John Koumides, National Indigenisation and Economic Empowerment Board CEO Mr Wilson Gwatiringa said the Government's patience with the firm was running out.

He said the necessary action would be taken to nudge the company towards full compliance with the law.

Innscor has not issued any statement on the latest development.

TA Holdings was on the downside, after retreating US2c to US8c.

Edgars and Fidelity Life eased a cent to US8c and US10c respectively. Hunyani lost US0,60 to US2,60c and Padenga was US0,30c weaker at US4,70c.

Bindura, Falgold, Hwange and RioZim were unchanged at the previous trading level.

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