25 January 2013

Zimbabwe: ZSE Industrial Index Rises

THE Zimbabwe Stock Exchange industrial index yesterday rose on gains in selected heavyweight shares while the mining index rebounded on a firm bid in Hwange. The mainstream index advanced 0,38 percent or 0,63 points to 168,11 points while the mining index was up 1,6 percent or 1,22 points to close at 77,41 points.

Daily turnover came in at US$1,1 million from US$1,4 million a day earlier, with Delta Corporation, Edgars and Pearl Properties pushing through some meaningful volumes.

Blue chip stocks have continued dominating trades on the local bourse on foreign buying.

After trades, BAT gained US29c to US450c ahead of the 2013 tobacco selling season which is expected to begin mid next month.

Harvests could be as much as 170 million kilogrammes from 144 million kg produced last year, the industry players estimated last year.

Meikles Limited rose US1,10c to US23c, Afre Corporation was US0,80c firmer at US6c and Delta inched up US0,53c to US116,03c.

Delta, the most capitalised company on the ZSE, said lager beer volumes rose 5 percent in the third quarter to the end of December 2012, while revenue increased by 14 percent compared with the previous period.

Invictus Securities said in an analysis and research report on Delta that it expects the company's revenues for the current trading period to rise by 20 percent to US$666 million.

Innscor Africa Ltd rose US0,50c to US81,50c amid pressure from the Government to submit an acceptable plan to comply with the country's indigenisation laws.

OK Zimbabwe advanced US0,14c to US15,80c. On the downward side was Seed-Co, which retreated US3c to US77c and Pearl Properties, which slipped US0,10c to US2,40c.

Hwange Colliery had a firm bid at US19c. The retooling of the company is expected to begin during the current quarter.

The company said late last year it had secured a US$22 million equipment supply credit deal with a Chinese company, Norinco.

Copyright © 2013 The Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.