Industrials Wallow In Doldrums On Lack Of Appetite For Shares

Losses were registered in Innscor Corporation Limited (Innscor) down -0,81 percent at 61c, Barclays Bank Zimbabwe Limited (Barclays) down -7,14 percent at 6,50c and Colcom Holdings Limited (Colcom) that eased -0,25 percent to 40c.

The biggest loser of the day was cement producer Pretoria Portland Cement (PPC) which slipped -7,94 percent (-25) to 290c and closed offers at 300c.

Other notable losses were seen in Zimbabwe Newspapers (1980) Limited (Zimpapers) declining -18,75 percent to 0,65c, Starafrica Corporation Limited (-16,20 percent), Rainbow Tourism Group (RTG) (-14,89 percent) and Zimre Property Investments Limited (ZPI) (-9,23 percent).

Lack of appetite for shares saw turnover slump below the US$1 million mark at US$838 306 from just 5,4 million shares with foreign trades also depressed at US$317 907 and US$256 555 on buy and sell side respectively.

Notable volumes were recorded in Larfage Limited (105 784), Fidelity Life Limited (513 215), Econet Wireless Zimbabwe Holdings Limited (40 305) and SeedCo Limited (115 658) with most heavy cap counters unchanged at yesterday prices.

Econet was marginally up at 490c from 389,99c while SeedCo and Delta Corporation Limited (Delta) were unchanged at 120c and 72c, respectively.

ART Corporation Limited (ART) led the gainers putting on 20 percent to 0,60c followed by Trust Financial Holdings Limited (Trust)  adding +18,18 percent to 1,3c while Tobacco Associates Holdings Limited (TA), National Foods Limited (Natfoods) and Old Mutual Limited (Old Mutual) advanced +13,33 percent, +12,20 percent and +1,43 percent to 17c, 90c and 142c, respectively.

There were no trades in retail group Truworths Limited which was quoted nine bid and offered 10,50c in the wake of its finals to June 10, 2011, in which the group reported a 147 percent growth in Earnings Per Share (EPS) to 0,47c from a bottom line of US$1 737 453.

Tourism group African Sun Limited was bid lower at 0,8c and offered at 1,1c after a market update advising shareholders that the closure of two South African hotels has been concluded while the Group has commenced a restructuring exercise to right size its head office staff reducing it by at least 58 percent with an estimated US$2,8 million cost expected to be provided for and expensed in the financial results to September 30, 2011.

The ZSE’s Mining Index was stable at 143.61 points despite a 1,69 percent advance in Rio Zimbabwe Limited (RioZim) at 60c. Falcon Gold Limited (Falgold) and Hwange Colliery Company Limited (HCCL) closed the day stable at 7c and 55c, respectively.