[2008-04-22]  Stock market nudges closer to 40 billion points
THE stock market firmed significantly towards the 40 billion-point level on across the board gains as the money market opened the week with a $348 trillion surplus position.

Rates slipped to between 20 percent and 50 percent while most big banks were not taking short-term paper. They are, however, expected to slightly pick up in the following days as firms start to pay corporate taxes.

The industrial index gained 16,27 percent to

36 952 406 697,84 points, and the mining index put on a marginal 1,82 percent to 23 901 755 446,27 points.

KMAL rose $25 million to $205 million, taking its market capitalisation to $48,664 quadrillion.

The groups’ retail branch along Nelson Mandela Avenue was closed on Saturday after the owners took over the building.

Reports are saying Innscor’s Spar will take over the retail outlet. Innscor rose $20 million to $70 million.

Delta was $5 million ahead at $45 million.

The group finally got a review on soft drink prices with the retail price for a 300ml bottle increased to $25 million.

Delta was reportedly shutting down production as a result of the sub-economic prices prevailing then.

Old Mutual rose $35 million to $250 million in line with the firming of the US dollar.

TA Holdings led the risers with a $50 million or 100 percent gain to $100 million and Zimnat rose $100 000 to $1 million.

RTG was unchanged at $2,5 million with a special deal of 45 759 430 shares going through at $1,5 million.

Chemco rose $15 million to $65 million on reports the group’s Agricura division has diversified into the manufacture of household and industrial chemicals in a bid to capitalise on the shortages currently obtaining on the market.

Agricura says it is now making petroleum jelly and other household detergents

Astra rose $149 000 to $2,5 million after its interims last week.

The groups’ profits for February made up 62 percent of the bottomline for the six months to February largely driven by performance in its steel division.

Volume in the steel division had increased 15 percent because of business from the Reserve Bank of Zimbabwe’s farm mechanisation programme.

Tractive gained $320 000 to $1,3 million, as did Cairns with a $500 000 rise to $2 million ahead of their financials in the week

CFX, with results out today, rose $31 000 to

$121 000. OK Zim was the worst performer after losing $300 000 or 20 percent to fall to $1,2 million.




Source: (c)copyright 2007 The Herald ltd.