Special bargains push market turnover to $2.9m

Special bargains push market turnover to $2.9m
Published: 22 November 2013
ZSE volumes recovered on Friday buoyed by 2 special deals in African Sun and FBC but trading across the board remained weak with only 3 counters managing gains at the close.

Total market turnover improved to $2,930 million on a volume of 51.22 million shares from yesterday's $528 944 on a volume of 2.843 million shares.

However, week on week turnover and volume closed at $6,858 million and 78.25 million shares respectively compared with last week's $7,242 million on a volume of 23.51 million shares.

Market breadth was negative and extremely skewed towards decline as only 3 counters African Sun, Delta and Old Mutual recorded gains while 8 counters closed in the red.

The Industrials Index lost 0.47 points or 0.22% to 217.01 while the Minings Index recovered another 1.79 points or 3.78% to 49.20 after Bindura's bid was raised to 2.2c.

Falgold closed buyers at 7c and sellers at 10c.

Meanwhile, Industrials have done 0.36% in the week while the Minings Index is a significant 6.89% up on last Friday's level.

Heavyweights trading on the downside were Innscor which lost 1c to 85c and looked weak with sellers at the same price and no buyers in sight.

Retail heavyweight OK Zimbabwe eased another 0.50c to 24c in the wake of its flat earnings in the interim period mainly due to diminishing demand which also resulted in revenue growth being constrained.

Other notable counters trading on the downside were Willdale which led the fallers after dropping 0.04c or 21.05% to 0.15c after reports that the brick maker is contemplating leasing out its Tenerife factory to an unnamed Chinese firm in a development will see the firm virtually surrender production at the Mount Hampden site.

Dawn Properties was 0.20c weaker at 1c while NTS was 0.40c lower at 2.8c. TA Holdings lost 0.50c to 6.5c while another conglomerate Star Africa eased 0.10c to 1.2c.

Bankers ABC remained stable at 50c after reports that the group has secured regulatory approval for its mandatory offer to minority shareholders with the board set to recommend whether the minorities should accept controlling shareholder African Development Corporation's 60c per share offer.

Heavyweight counter Delta added 0.50c to 151.01c closing just 3.82% from its all-time best of 157c while Old Mutual advanced 1.99c to another fresh high of 280c.

The third counter to trade in the positive was African Sun which added 0.10c to 2.7c in normal trades with brokers MMC Capital pushing through a special deal of 42.3million shares at 3c, 11.11% up on the trading price of 2.7c.

FBC ended with a spread of buyers at 12.5c and sellers at 13.5c on the main board but brokers Invictus Securities executed a special bargain of 3.185 million shares at 13.5c.

The Datvest All Share Index dropped 029 points or 020% to 144.37 while the FBC ZSE-10 Index was 0.13 points or 0.08% weaker at 151.96.

There were only 3 sectors to end the week in the positive, the Dual Listed Index up 0.57%, Manufacturing Index 0.22% firmer and the Tourism Index which added 0.48 points or 1.67% to 29.46.

- zfn


Latest News

Latest Published Reports

Latest jobs