[2008-01-04]  Industrials Soar Above 2-Billion-Point Mark
Industrials went past the two-billion-point mark yesterday spurred on by broad-based gains while the minings index rose although volume was minimum.

At the close of trades, the industrials index was estimated to have gained 4,38 percent to 2 039 167 676.57 points.


The minings put on 8,50 percent to 2 620 240 791.09 points after gains in several counters with the exception of RioZim, which lost $5 million to $35 million. Chemco led the risers after soaring $8 million or 80 percent to $18 million and Circle added $1 million to $16 million, taking its market capitalisation to $1 280 trillion. Meikles gained $2 million at $11 million, Tanganda was $200 000 ahead at $1,9 million, but Kingdom lost $400 000 at $400 000 to $2,3 million. Together with Cotton Printers, the three counters will list on January 11 under Kingdom Meikles Africa Limited.

Financials NMB gained $20 000 to $100 000, Barclays rose $55 000 to $400 000 and FBC was $95 000 up to $410 000.

Innscor moved $150 000 up to $2,95 million and Delta rose $200 000 to $2 million. They were losses, however, in heavyweights Old Mutual, which fell $5,5 million to $19,5 million, and PPC down $2 million to $38 million. Hotel group Zimsun, which is seeking to raise US$1 billion in the next three years, was up $205 000 to $605 000. Zimpapers put on $15 000 to $52 000. With the RBZ putting inflation at 24 000 percent, the stock market will continue being the preferred investment option driven mainly by money supply growth.

The economy is, however, predicted to grow in 2008, as there is not enough space for it to go down further in the formal sense in light of falling industrial capacity utilisation.


Source: Copyright © 2008 The Herald.