[2008-02-12]  Stock market opens week lower
THE stock market opened the week lower after losses in heavyweights Old Mutual and Delta marginally offset gains in PPC and second tier counters.

At the close of trades, the industrial index dropped 1,79 percent to 1 655 004 830,55 on thin volume. The mining index fell 2,53 percent to 1 420 947 830,20 points after Bindura, Hwange and RioZim traded on the downside.

Heavyweights Delta lost $200 000 to $1,6 million and Old Mutual shed $500 000 to $14,5 million. KMAL was steady at $9 million, as was Innscor at $2,5 million.

Art was $10 000 to $170 000 after the group reported that aggregate volumes in the first quarter had gone down 36 percent as losses in the local divisions were offset by profits in regional exports.

PPC put on $3 million to $27 million after delivering 27 wagons of cement to Bak Storage for distribution to the Harare and Chitungwiza markets. Each wagon holds 880 bags or 44 tonnes. Lafarge was $1 million down to $10 million. The cement manufacturer has started distributing cement to various markets after the NIPC approved cement price increases to $88 million, 733 percent ahead of the last price at $12 million.

CFI, which will soon have a 5 for 1 share consolidation picked up $10 000 to $260 000.

Econet gained $500 000 to $7,5 million after increasing tariffs by more than 200 percent.

Gulliver was $100 000 ahead at $700 000 as was Phoenix at $200 000 up at $500 000. Phoenix led the day’s risers while parent company Apex was sellers only at $75 000 after its October final results.

The group reported inflation-adjusted revenue of $3,43 trillion as a result of increased volumes in its Precision Grinders division.

Volumes in the division went up 164 percent with the group attributing the performance to the mechanisation programme.

A total of 2 125 tractors, 1386 ploughs, 1 263 harrows and 45 000 scotch carts have been delivered so far under the programme. Zimplow was steady at $500 000.




Source: (c)Copyright 2008 The Herald ltd.