Industrial Little Unchanged After National Budget, Hwange Sinks Minings
The economy is still expected to grow by 9, 3 percent in 2011 buoyed by growth in finance (24 percent) stabilising the downward revisions in growth in Agriculture (11, 6 percent) and mining sectors (25, 8 percent).
Growth projections for 2012 are expected to be strong at 9, 4 percent underpinned by finance (23 percent), mining (15, 8 percent), tourism (13, 7 percent), and agriculture (11, 6 percent) while manufacturing (6 percent), and transport and communication (6 percent) will lag behind.
Telecoms giant, Econet Wireless Zimbabwe Holdings Limited carried the day adding +2,56 pecent to 400c as the scrip overhang which had haunted the stock over the past month has now subsided.
Retail giant OK Zimbabwe Limited added +6,38 percent to 10c, Tobacco Associates Holdings Limited put on 11,11 percent to 20c as Muurray & Roberts (Zimbabwe) Limited (M&R) recovered +21,22 percent to 9,95c.
Property group, Mashonaland Holdings Limited was +8,33 percent firmer at 2,60c in the wake of its September finals in which the group reported a +52 percent growth in Income property after administrative expenses of US$3,6 million while property revaluation of US$20 million and tax credit of US$10,2 million saw the group report net profit of US$34,2 million and Earnings Per Share (EPS) of 1,97c up from 0,35c last year.
Banking group, Interfin Financial Holdings Limited sank to its lowest level after a -37,50 percent loss saw the group close at all time low of 5c while it is bid still lower at 3c and is now 75 percent in the negative on a YTD basis.
Other notable losses were seen in Colcom Holdings Limited and National Foods Holdonigs Limited, which eased -7,50 percent and -5,88 percent to 37c and 80c, respectively, while parent group Innscor added +1 percent to 53,58c after Innscor corporation Limited confirmed at an Annual General Meeting (AGM) that the group had disposed 11,7 percent of their Natfoods stake to Tiger Brands (Private) Limited, which is expected to provide technical assistance.
Innscor reported a 20 percent growth in revenue for the first quarter to September while Natfoods had processed 95 000 tonnes of product in Quarter 1 and revenues were up 17 percent over the comparative period and Colcom recorded a 9 percent growth in revenue.
Volumes traded improved to 7 million shares from 4 million as Delta Corporation Limited was the favorite counter accounting for the bulk of value traded after 895 000 shares exchanged hands in trades worth US$644 000 at a stable price of 72c.
Value traded was, however, lower at US$1 million after thin trades were seen in other heavy cap counters.
Foreign investors were net sellers by US$542 000 after sales amounted to US$694 000 against purchases of US$152 000.
The ZSE’s Mining Index reversed its previous gains after Hwange Colliery Company Limited lost -2,22 percent to 44c dragging the mining index -2,2 percent lower at 118.06c.
Bindura was offers lower at 4.5c.