21 February 2013

Zimbabwe: Innscor, Seed Co Lead ZSE Share Rebound

SHARES on the Zimbabwe Stock Exchange notched some modest gains yesterday, led by gains in blue chips while the resource index remained unchanged. After trades, the industrial index gained 2,15 percent or 3,92 points at 186,67 points while the mining index of the four major trading shares remained unchanged at 81,28 points.

The turnover was solid at US$1,2 million in a session that saw bulls bulldozing the local bourse. Decent volumes were recorded in Barclays and Delta that traded two million and 350 000 shares respectively. The rest of the market continues to thrive on very thin volumes ahead of the referendum and national elections.

Innscor Africa and Seed Co led the rebound after advancing US10c to US100c and US70c respectively.

Econet Wireless added US3c to an all-time high at US655c. Econet Wireless Zimbabwe has announced that international banking unit Stanbic Bank is now offering its customers full access to its mobile phone- based money transfer service, EcoCash.

Stanbic Bank becomes the first international bank in the country to get connected to EcoCash. The bank is a member of the Standard Bank Group, which is Africa's largest banking group. This partnership creates greater possibilities for EcoCash to spread its tentacles.

Old Mutual was up US2,01c to US189,01c and Delta added US1,99c to US125c.

Edgars was US0,50c firmer at US11,50c.

TSL scaled new heights after adding US0,90c to US16c on the back of upbeat financial performance in the year ended October 31, 2012, where a final dividend of 0,43c was declared.

The dividend will be paid on March 7. Bankers ended largely in the red with CBZ trading US0,50c weaker at US11c ahead of its financials next week.

Barclays added US0,10c to US3c.

FBC was US0,50c weaker at US8c after the group terminated discussions for the disposal of its stake in Turnall saying it is now focusing on merging its commercial banking and the building society to meet the revised RBZ minimum capital requirements.

NMB eased US0,10c to US1,1c after shareholders on Tuesday approved the placement of shares to offshore investors to pave way for injection of new capital.

PPC closed buyers only at US250c.

Zimplow Limited was bid at US2,5c and offered at US5,3c. The company issued a statement warning shareholders that its financial outturn for the period to December 2012 will be below that of the same period last year.

A difficult cotton marketing season, late rainfalls, tight liquidity and the costs of acquiring TPH were behind the performance.

The absence of long-term finance impacted some TPH divisions negatively. Management, however, stated that the underlying fundamentals remain intact and the balance sheet remains robust enough to back up growth plans.

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