ZSE stocks gain

Natfoods, whose after-tax profit vaulted by 112 percent to US$7,63 million in the interim period to December 31, 2012 on the back of growth in volumes,  pushed up US13 cents to US208 cents.

Hippo gained US5 cents to trade at US115 cents and Innscor gained US2,02 cents to close at US89,03 cents.
ZBFH, fresh from a US$7, 8 million after-tax profit, up 11 percent on prior year, advanced US0,63 cents to settle at US8,63 cents, DZLH and Zimplow both were US0,50 cents firmer at US25,50 cents and US5 cents, respectively.

Dairibord posted US$7,1 million profit for the year to December, but the financial performance reflected no changes to the bottom line recorded in 2011.
The firm announced last week it would close the Mutare and Bulawayo plants as part of measures to contain costs, but it would retain the sales and marketing functions in the two cities.

Zimplow Holdings, which recently completed the acquisition of fellow implements manufacturer, Tractive Power, saw revenue decline 13 percent to US$35 million, while profits went down by 127 percent due to restructuring costs.

Gains were countered by losses in Old Mutual, Zimbabwe’s biggest insurance and property firm, which eased US2 cents to US233 cents. Short-term insurance and life assurer, Fidelity was down US0,50 cents to US13,50 cents, and hotelier African Sun slipped US0,30 cents to trade at US1,30 cents.

The mining index was unchanged at 66,80 points yesterday. Bindura, Falgold, Hwange and Riozim were unchanged at previous trading levels. The mining index stagnated in yesterday’s trade after two consecutive gains this week. Stocks opened the week with only two counters trading in the positive, while 14 shares traded lower with the rest unchanged, as the industrial index slumped into the red.

On the day, most heavyweights traded lower, as the mainstream index dropped 1 percent to 185,93 points while the mining index fell 3,6 percent to 64,79 points, closing below the January 2 level of 65,12 points for the first time this year.

Significant volumes in Delta Corporation, the most capitalised stock and Econet, helped the total market daily turnover to close above the US$1 million level at US$1,28 million on  volumes of nearly three million shares. Shares traded on the ZSE leapt almost 100 percent last Thursday to 13,8 million ahead of the Easter holidays to help the bourse’s main industrial index to just inch up by 0,6 percent to 183,9 points.