ZSE shares wane under selling pressure

ZSE shares wane under selling pressure
Published: 23 January 2014
A raft of selling pressure in the market's top counters Delta and Econet plunged the ZSE shares deeper into the red on Thursday.

The Industrials Index eased 2.43 points or 1.22% to 196.55 dragged by losses in heavyweight counters Delta, Econet and OK Zimbabwe.

Heavyweights Delta and Econet dropped 1.61% and 3.24% each to 128c and 59.99c respectively.

In Delta again there was one meaningful buyer resulting in a number of sellers across the board dropping the price from the initial price of 130c all the way down to 128c.

There was also one reasonable buyer in Econet where a bookover of 800 000 shares was challenged from 62c down to 59.99c.

Conglomerate Innscor closed buyers and sellers only at 75c and 78c respectively while its subsidiary Natfoods traded amongst the top 5 losers, easing 15c or 7.14% to 195c after reports that it invested about $30 million in new flour mills in a move meant to increase production and to provide better efficiency.

The Minings Index also eased 0.18 or 0.51% to 35.18 with losses in Bindura cancelling gains in Falgold. Nickel miner Bindura eased a significant 0.11c or 7.86% to 1.29c whilst Falgold traded in the green adding 1c or 20% to 6c.

Daily market turnover significantly improved to $2,557 million on a volume of 4.718 million shares largely on significant volumes in Econet and Delta against yesterday's $1,787 million on a volume of 4.453 million shares.

Top gainer on the market was Art which pained 0.10c or 33.33% to 0.4c while CFI added 0.10c or 3.03% to 3.4c. Dawn gained 1 % to 1.01c and bankers FBC closed 0.08% firmer at 13.02c.

Alco Africa led the top fallers, shedding 0.80c or 14.55% to 4.7c.

Star Africa closed buyers and sellers only at 0.9c and 1c respectively after publishing a an update on the Scheme of Arrangement saying an offer to purchase Blue Star Logistics has been received from a prospective purchaser listed on the ZSE and negotiations are at an advanced stage.

BAT closed buyers only at 1350c after management dismissed recent media reports that the group intends to divest from Zimbabwe saying it has no plans to do so and it continues to operate at full capacity.

The benchmark Datvest All Share Index dropped 1.86 points or 1.39% to 131.91 while the FBC ZSE-10 Index was 2.43 points or 1.73% weaker at 137.96. 
- zfn

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