adminindustrial index was up 0,63 points or 0,44 percent to 145,08 points.
Leading Friday’s rally was cigarette manufacturer BAT which, advanced US5c to US160c. Delta, which recovered on Thursday after reporting an after-tax profit of US$30 million, was unchanged at US75c.
Hippo Valley Estates advanced US3c to US72c while Innscor continued on a gradual recovery with US1,52c gain to close at US56,53c.
PPC led the losers, shedding US10c to US210c. The cement manufacturer, however, recorded a 50 percent jump in domestic sales in full year to September 30.
Seed Co, the developer of a variety of hybrid seeds, further dropped US5c after posting US$1,4 million loss in the six months to September. It lost US2c on Thursday.
Old Mutual was down US4c to US21c. The country’s largest insurer has acquired 40 percent stake in Manica Board through a US$6,4 million private placement.
Before the transaction, PG Industries owned 60 percent in Manica Board through its wholly owned subsidiary Zimboard while PG Bison, which is part Steinhoff of South Africa, owned the remainder.
Now, PG Industries shareholding has been reduced to 28 percent while PG Bison will have 32 percent in Manica Board, a firm which is involved in production of wood products for local and regional markets.
Meikles declined US1c to US20c while Zimplow was down US0,20c to US8,50. Zimplow’s attributable income in nine months to September 30 is up 51 percent at US$1,212 million on revenue that rose 42 percent to US$9,052 million, said CEO Zondi Kumwenda.
During the period, Mealie Brand sales were up 20 percent, with local sales up 47 percent while exports were down 9 percent.
In CT Bolts, mild steel fasteners were up 44 percent while other sales were 49 percent higher.
The mining index was flat at 121,40. The direction of the market has mainly been determined by the liquidity constraints, which have negatively influenced trading volumes on the Zimbabwe Stock Exchange.
Lack of adequate funding, that is long-term capital, for recapitalisation of most companies has been a major contributor to the overall performance of the stock exchange. Most companies’ capacity utilisation level is still below their production potential.
This is also coupled with the use of obsolete machinery and inadequate supply of utilities.
The cashflows and profitability, which are the key milestones for performance appraisal, may be difficult to achieve under the current conditions for a number of companies.
Online Reporter