ZSE turnover slumps

dive, falling 36,9 percent while average daily turnover stood at US$1,15 million.
Mobile operator Econet Wireless dominated trades, with US$8,45 million worth of shares traded in April. Shares traded in Delta and Innscor totalled US$4,31 million and US$2,18 million respectively.

Equities firm IH Securities said the market saw another up tick in April, with total market capitalisation rising 3,30 percent, to close the month at US$5,48 billion, representing an increase of 24,90 percent since January 2013.

The industrial index registered a 3,84 percent gain, as weakness in Econet Wireless, down 12,69 percent to US61,12c, was outweighed by gains in Delta, up 10,43 percent to US127c, and Innscor which put on 1,20 percent to US86,02c.

“We saw support returning to midcaps in April, with National Foods (US220c), Dairibord (US29c), Meikles (US23,20c) and OK Zimbabwe (19,14c), gaining 22,22 percent, 16 percent, 10,48 percent and 6,33 percent respectively.

“Banks NMB (US11c), ABC Holdings (US60c), Barclays (3,3c) and CBZ Holdings (US13,5c) rose 37,50 percent, 20 9,68 percent and 2,27 percent, respectively,” said IH Securities.

The mining index was relatively flat in April, losing a marginal 0,04 percent on continued weakness in Hwange down 0,36 percent to end the month perched at US15c.

The top gainers of the month were engineering concern Zeco up 200 percent to US0,04c, as pharmaceuticals entity Medtech added 150 percent to US0,05c, and industrial belts maker GB Holdings inched up 100 percent to US0,01c.

The largest losses were in brickmaker Willdale down U66,77 percent to US0,05c, building material manufacturer PG fell 33,33 percent to US1c and roofing and piping material producer Turnall slid 29, 82 percent to US4c.

“April marked a positive start of the second quarter of 2013, with the bourse maintaining the upward trend witnessed in quarter 1. However, liquidity was a challenge, with the market rising 3,3 percent amid a significant 37 percent month-on-month decline in turnover.

“A trading update from market heavyweight Delta, released during the month, affirmed signs of decelerating consumer spend, with volumes reported to be flat year on year. However, an improved sales mix led to 14 percent revenue growth (compared with our forecast of 16 percent),” said IH Securities.