ZSE shares deep in the red

Published: 28 January 2014

ZSE shares declined sharply on Tuesday as heavyweight Delta continued to pile up losses in a hushed trading session where 4 counters ended in the red while only 2 counters managed gains out of the 16 that traded.

The Industrials Index eased 3.49 points or 1.81% to 188.82 taking its losses this month alone to 6.58%.

Delta stayed on the downside after dropping a significant 7.52c or 6.04% to 116.98c taking its losses this year so far to 16.5% while it is 1.1% down on a year earlier.

Other counters trading in the red were Cafca, which led the top losers on the board after shedding 4c or 13.33% to 26c while Hippo eased 5c or 5.26% to 90c. Pearl Properties dropped 0.05c or 1.89% to 2.6c.

Only two counters traded in the green with Barclays advancing 0.26c or 6.5% to 4.26c while conglomerate Innscor gained 0.58c or 0.77% to 75.63c following the approval of its Indigenisation Implementation Plan at an EGM held last Friday.

Econet remained unchanged at 60c while retail giant OK Zimbabwe closed 19c buyers and 20.5c sellers only.

The Minings Index also eased 0.78 points or 2.2% to 34.71 as RioZim's offer was dropped to 30c compared with its last trading price of 31c.

Daily market turnover slightly improved to $1,045 million on a volume of 1.898 million shares compared to yesterday's $1,036 million on a volume of 4.860 million shares.

Aico Africa closed sellers only at 5c after announcing the results of the renounceable rights offer where 536 396 515 shares out of 560 831 770 offered were subscribed for representing subscription rate of 94.57% while 5.43% of the rights offer shares were offered to the underwriter.

ABC remained buyers only at 59c after publishing the results of the mandatory offer made by ADC to all ABC minority shareholders where 43 192 shares or 0.15% out of 29.60 million shares were taken up on the Zimbabwean share register. On the Botswana register 10.15 million shares out of 29.99 million shares or 33.86% were taken up. As a result of the mandatory offer, ADC increased its controlling position including voting pool agreements from 50.1% to 54.1%.

The Datvest All Share Index extended losses after losing 2.25 points or 1.74% to 127.37 while the FBC ZSE-10 Index was 3.21 points or 2.36% weaker at 132.47.

There were only 2 sectors to close in the positive on the Zfn board with the Banking Index rising 1.22% to 83.47 on gains in Barclays and the Conglomerates Index added 0.35 points or 0.51% to 68.77 as Innscor traded on the upside.
- Zfn