Industrials Recover On Econet gains, Hwange Sinks Minings

The largest trade of the day was seen in beverages group Delta Corporation Limited (Delta), where a block of 1,4 million shares was crossed between foreign investors in a trade worth US$1,1 million while total volume in Delta amounted to 1,6 million shares all bought by foreign players.

Foreign inflows stood at US$1,3 million while outflows amounted at US$1,2 million.

Value traded for the day remained significantly above daily averages at US$2,985 million while volumes amounted to 60 million shares boosted by a cross of 44 million shares in micro cap steel maker, Steelnet Holdings Limited (Steelnet).

The Industrial Index was buoyed by a +0,38 percent recovery in telecommunications giant Econet Wireless Holdings Zimbabwe Limited (Econet) at 440c as gainers at 11 counters outnumbered nine losers.

The resurgence of buying interest in life assurance group Fidelity Limited saw the counter top the risers with an impressive +22,87 percent advance at 14,02c bringing its year-to-date gain at 537,27 percent.

Exciting low valuation levels in construction group, Murray & Roberts (Zimbabwe) Limited has ignited buying pressure as the price climbed +12,80 percent to close at 14,1c.

In the negative was CBZ Financial Holdings Limited which slipped -3,33 percent at 14.5c, NMB Holdings Zimbabwe Limited (NMBZ) lost -20 percent at 1,2c while the wealthy Meikles Africa Limited (MAL) was -1,54 percent softer at 32c.

The ZSE’s Mining Index, on the other hand, closed in the negative easing -1,22 percent to 157.58 points weighed down by Hwange Colliery Company Limited (WCCL) which lost -0,23 percent to 56c.

Boardroom wars continue to escalate ahead of the Annual General Meeting (AGM) scheduled for 10:30am later today.

There have been conflicted reports about this AGM with some reports saying the event has been canclled by the Chairman, Tendai Savanhu.

However, other reports say the event is still on at the WCCL Head Office at Coal House in Harare.

At the said AGM shareholders are expected to vote in resolutions that will see the removal of virtually the whole Board and the appointment of a new one proposed by major shareholders.