A seesawing and lately skittish industrials index recouped prior losses to close the session 0.33% up at 198.55. Judging by the trades in July beating the 200 mark looks so near yet so far as the industrial index fails to find direction after a strong rally in the first half of the year. We have tipped the industrial index to close July above the 200 mark. Elsewhere the resource index however broke the jinx easing by -0.27% in the mid week session to close at 69 driven  by losses in Rio Zim.

The number of active stocks catapulted to 30 counters a steep jump from a total of 17 counters which traded on Tuesday. Of the active counters 7 went up while 5 came off to maintain a positive market breadth.

Topping the risers’ set was CFI which put on an huge 19.91% to close the session at 25.90c. This effectively created a premium of 18% on the minorities offer price of 22c. Interestingly Starlap has upped its bid in the market to counter its own initial offer.

In an earlier statement Starlap had said the minority offer price of 22c represents a fair value to book (NAV). At face value it is quite evident that there is an intense battle for control of CFI as counter bids are coming from either sides, and this battle ultimately destructs shareholder value.

Proplastics remained on a roll notching 8.91%  to close at 5.99c as production ramping is expected following the approval of a plant acquisition. Proplastics has seen a sharp improvement in performance following the institution of  SI64.

Cement producer PPC gained  2.90% to close the session at 71c while Hippo rose by 2.35% to settle at 87c. Capping the upside was retail giant OK Zim which added 1% to close at 10.10c.

Unifreight was the session’s worst performer after easing by -7.50% to close the session at 1.11c. Barclays trailed at a distant as it came off by  1.16% to close at 4.25c. Reports say the new acquirer FMB is still seeking approvals with the RBZ. Crocodile skin producer Padenga fell by -0.36% to close to at 27.30c while giants Old Mutual fell by -0.07% to close at 392.73.

Pulling down the mining index was gold producer RioZim which shed off -0.45% to close at 55c.