Industrial index keeps momentum

the industrial index grew 2,5 percent while the mining index gained 2,67 percent.
Friday’s turnover came in at US$2,5 million with about 52 million shares traded.
Foreign investors have displayed strong appetite for local stocks in the past two months, despite uncertainties over the country’s political reforms and economic policies.
The past two months witnessed growing interest among foreign investors, mainly in blue chip shares such as Delta, Innscor, OK Zimbabwe, British American Tobacco and Econet Wireless.
Apart from foreigners’ money, there was also improved participation by local pension funds such as National Social Security Authority and Old Mutual. According to statistics published by a local newspaper, citing Imara Edwards Securities, the ZSE market value rose to US$4 billion as at September 25 this year from US$3,6 billion in June.
Industry stocks rise to US$64 billion
Market capitalisation for Delta increased 16 percent in US$775 million in the same period, AICO rose 36 percent to US$64 million while BAT jumped 58 percent to US$71 million.
The industrial index also gained by 8 percent in the same period.
After trades on Friday, Econet was up US4,5c to 441c and Old Mutual put on US3c to US173c.
The company, with investments worth about US$300 million in listed firms and US$80 million in private companies, is planning to invest about US$200 million in private equity and infrastructure next year, outgoing chief executive Mr Luke Ngwerume said in an interview last week.
Delta advanced US2c to US78c. AICO  Africa was 0,89c firmer at US14c, TA Holdings gained US0,3c to US10,5c and DZLH rose US0,2c to settle at US16,7c. Pearl gained US0,15c to US2,75c.
Hippo Valley eased US4,5c to US110,5c, CBZ was down US0,42c to US10,03c and Zimplow shed US0,4c to US5,5c. Seed Co was US0,10c weaker at US88c. Government said it has paid US$10 million to seed houses part of the money it owes for previous supplies.
Zimpapers was bid at US0,85c after reporting an attributable loss of US$1,1 million for six months to June 2012. But this was an improvement from a loss of US$1,4 million in the prior period.
GB was bid at US0,01c and offered at US0,03c after releasing a depressed set of results, showing an attributable loss of US$0,6 million. The loss was mainly driven by working capital challenges, inefficient production facilities and undercapitalisation.
Overall volumes declined by 9 percent while turnover was 8 percent lower than the previous comparable period.
RioZim retreated US0,5c to US65,50c. Since its acquisition by GEM, the diversified resource firm has embarked on a significant restructuring exercise to unlock long-term shareholders.
In the last six months, GEM has focused on debt restructuring, significant cost cutting, expanding production (especially at Renco) and improving operational efficiency.
In July, RioZim announced the termination of a longstanding tolling agreement with Centametall.
RioZim has reduced its debt from US$60 million to US$40 million of which US$28 million has been restructured into longer-term debt. Average cost of debt has declined to less than 18 percent.