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Industrials onslaught continues on select heavyweights

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Industrials onslaught continues on select heavyweights

HARARE -The unrelenting stock-market bull run demands some respect as it has been on the rise for 10 consecutive weeks on the back of increased local demand and reduced foreign selling.

The gains in most stocks coupled by increased demand powered the Industrial index to 171.73 (+1.35 points). Outstanding gains for the day were in CFI (+8%), FBCH (+8%), Mash (13%) and Zimpapers (25%). Activity the Minings category improved albeit all counters trading flat. Falgold, Hwange and RioZim traded at 1c, 2.35c and 55c with 15,000, 6,781 and 68 shares exchanging hands respectively. The resources sector closed unchanged at 69.63 while turnover came in at $1,458,021

Econet, as has become the norm over the past weeks carried the day with 1,555,356 shares exchanging hands at 36.50c (+0.5c). Lafarge also joined the party, the French headquartered cement producer added 0.05c to trade at 40c with 1,581,764 shares changing hands. Lafarge, chief executive officer, Amil Tantawi yesterday highlighted how the firm’s revenue was down 15% as at March 2017 mainly due to the incessant rains season that weighed down demand for their product.

She however added that the cement producer’s revenues have been on the rebound since April with demand expected to increase in the second quarter.

Axia reversed yesterday’s losses and traded 0.10c in the green at 8.70c with 109,031 changing hands. Bankers, Barclays and CBZ traded flat at 3.40c and 9.54c with 118,000 and 1,972 shares changing hands respectively. While FBC added 1c to close at 13c with 5,960 shares changing hands. Fidelity traded flat at 11.50c with 939,871 shares changing hands.

CFI continued to march in the positive, the Agro concern notched up 1.13c to trade at 14.18c with 69,304 shares changing hands. The counter closed higher at 14.25c with increased demand. Colcom traded 2c firmer at 40c with 3,546 shares changing hands. The meat processer is set to be delisted from the ZSE. Delta traded 0.63c firmer at 100.65c with 11,270 shares exchanging hands. The counter closed lower at 101c.

Hippo added 0.25c to close at 55.50c with 171,438 shares changing hands. Meikles traded 0.95c stronger at 26c with only 5000 shares exchanging hands. Old Mutual continued to rally, the Insurance giant inched up 0.43c to trade at 377.43c.

The counter closed higher at 380c on the back of increased demand for the stock. Padenga who are up 33.13% year to date added a further 0.05 to close at 21.30c with 9,592 shares changing hands. Mashonaland Holdings added 0.21c to close at 2.01c with 57,307 shares changing hands. Zimpapers traded 0.25c firmer at 1c with 63,918 shares changing hands

Although most counters recorded gains a few stocks traded in the red. Seedco reversed yesterday’s gains and lost 0.34c to close at 101c with 1,776 shares changing hands ahead of its results briefing on Thursday. Simbisa was down 0.01c at 18c with a mere 1,230 shares changing hands. Star Africa traded 0.02c weaker at 1.18c with 86,400 shares changing hands.

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