Industrials Firm Buoyed By Retail Gains

The contentious issue of civil servants salary increases that came to a rest with the recent awarding of increases has seen renewed interest in retail stocks on the ZSE which resulted in them scaling new highs.

On a fairly active day in which 45 stocks recorded trades only 27 stocks recorded price movements with risers outweighing fallers by 16 to 11.

In excess of 23 million shares exchanged hands across the bourse yielding total turnover of $2,4 million.

Leading the market gains was furniture retail group Pelhams Limited that surged 33,3 percent to trade at new high of 0,8c to find its place among the current year to-date ZSE finest performers having yielded Year-To-Date gains of 344 percent. Clothing retail groups Edgars Limited and Truworths Limited also set new highs by close of call today of 15c and 11,2cafter putting on +7,14 percent and +0,81 percent.

Resurgent demand in property group ZPI saw the counter scaling new high of 1,1c and with it saw the group.

Other stocks to post gains included packaging group Hunyani Holdings Limited that were up 22 percent at 5,5c, Zimbabwe Newspapers (1980) Limited (Zimpapers) that put on +12,5 percent to 0,9c and property group Mashonaland Holdings Limited (Mashold) that rose 10,7 percent to 3c. Renewed interest in Fast Moving Consumer Goods (FMCG) conglomerate Innscor Corporation Limited saw them close 0,81 percent firmer at 62,6c.

Of the 11 fallers construction and allied industry related stocks Murray & Roberts (Zimbabwe) Limited (M&R) and Turnall Holdings Limited led the market losses retreating -6,92 percent and -6,67 percent to 12,1c and 14c, respectively. Financial services group Trust Financial Holdings Limited (Trust) came off -6,25 percent to trade at 1,2c while British American Tobacco (Zimbabwe) Limited (BAT) traded at a new low of 100c after shedding 4,76c.

Agro-industrial concern AICO Limited (AICO) that saw renewed interest after a solid full year set of results to March 31, 2011 succumbed to selling pressure to drop 4 percent and trade at 24c.

The ZSE’s Mining Index, on the other hand, rose 0.73 points (0,46 percent) to close at 160.06 points on the back of gains in Bindura Nickel Corporation Limited (Bindura) that added 0,50c to close at 7,50c.

Mining counters such as Falcon Gold Limited (Falgold), coal producer Hwange Colliery Company Limited (WCCL) and Rio Zimbabwe Limited (RioZim) were mainly unchanged at 4c, 56c and 100c, respectively.