Astra block deal highlights ZSE but shares remain weak

Astra block deal highlights ZSE but shares remain weak
Published: 18 July 2013
A special of 88.53 million Astra shares at 6.213c, a premium of 38.07% from the last trading price of 4.5c, pushed through by brokers Bethel Equities saw the total market turnover jumping to $7,816 million but overall the market closed in the red on broad based selling in heavyweights.

The Astra deal is widely believed to be the acquisition of RBZs 64% stake in the group by a management consortium. An official statement is expected soon.

Daily market turnover improved to $7,816 million on a volume of 91.934 million shares against yesterday's $3,281 million on a volume of 18.164million shares.

There were just 2 risers across the board African Sun which added 0.15c to 2.25c and NTS up 0.31c to 2.81c while 6 counters traded in the red out of the 22 that traded.

The Industrials Index eased 1.83 points or 0.81% to 224.37 with heavyweight counters Econet, Delta and OK Zimbabwe trading on the downside.

Econet and Delta were amongst the top 5 fellers on the day, shedding 1.50c and 3c each to 66.50c and 145c respectively. OK Zimbabwe dropped a marginal 0.01c or 0.04c while Innscor closed unchanged at 106a

Delta remained weak as it was offered at 145c with buyers quoting their bid lower at 140c while Econet was sellers at 67c with no buyers in sight.

The Minings Index also eased 0.54 points or 0.80% to 66.93 as Bindura traded 2.40% weaker at 2.44c while RioZim remained stable at 40c.

Natfoods led the top losers, easing 10c or4.35% to220c. Bankers, Barclays dropped 0.08c or 1.27% to 6.2c while CBZ closed unchanged at 14.12c amid reports that the bank has received a cumulative $545 million from the African Export and Import Bank (Afreximbank) since 1998 for on-lending to local companies.

TSL remained stable at 30c after reports that tobacco deliveries continue to draw closer to the 170 million kilograms target for this year as contractors continue to receive tobacco from growers and total of 160.8 million kg worth $593.4 million had been delivered by Monday this week.

The Zfn board was largely in the red with the Datvest All Share Index dropping 1.63 points or 1.08% to 149.57 while the FBC ZSE-10 Index was 1.41% in the red at 154.80.

The Tourism Index was the only sector to close in the positive after adding 0.73 points or 3.28% to 22.91 on gains in African Sun. 
- zfn

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