Delta shares hit $1,30 for the first time

Published: 10 June 2013
Delta shares closed at their all-time best level of 130.01c on Monday ahead of the release of March finals next week and helped the Industrials hit a new all time high of 192.68. But volumes remained depressed amid simmering political disagreements over when elections should be held.

President Mugabe over the weekend said the life of the inclusive government would come to an end on June 29 and vowed that no negotiation for an extension could be entertained by Zanu-PF, a move that is set to draw sharp rebuke from PM Morgan Tsvangirai who has been on a regional sojourn to press African leaders to insist on the completion of reforms before the holding of the elections.

The Industrials Index gained 1.52 points or 0.80% to close at 192.68 as a result of gains in heavyweights Innscor, Econet and Delta.

The Minings Index remained stable at 71.09 points with no trades made in all four mining counters.

Total market turnover however plunged to the second lowest level this year at $200 748 on a volume of 916 431 shares compared with Friday's $872 077 on a volume of 3.257 million shares. The lowest level on the ZSE ($194 610) was traded on January 7 this year.

Econet and Innscor were amongst the top gainers on the day adding 1.70c and 1.03c each to trade at 88.71c and 67.03c respectively. Econet is due to release its February finals anytime this month.

Delta advanced 1.81c or 1.41% to 130.01c taking its market cap to $1,596 billion and its gains since January to 30%.

Fidelity Life led the top risers, gaining 1.50c or 14.29% to 12c while clothing retailer Truworths traded 025% firmer at 4.01c.

Aico Africa traded unchanged at 8c after reports that the US Office of Foreign Assets Control has intercepted a $2 million loan Olivine Industries (Aico's subsidiary) secured from PTA Bank because its majority shareholder, Industrial Development Corporation, is on the US sanctions list.

Top loser on the market was RTG which dropped 0.10c or 7.69% to 1.20c whilst Meikles eased 1c or 4.35% to 22c.

The last of the three counters to trade on the downside were heavyweight retailer OK Zimbabwe which closed 0.52% weaker at 19.10c.

DZLH remained stable at 28.5c after group CEO, Anthony Mandiwanza said the country's high demand for milk has forced the company into toll manufacturing with an unnamed South African company.

Meanwhile the suspended firm, Gulliver had its main factory in the Asphdale industrial area in Harare auctioned for $920 000 last Friday to settle mounting debts.

On the Zfh board, the Datvest All Share Index added 1.05 points or 0.80% to 131.71 while the FBC ZSE-10 Index cbsed 1.11% firmer at 138.88.
- zfn
Tags: Delta,


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