Foreign investors dominate zse

THE Industrial Index on the Zimbabwe Stock Exchange (ZSE) opened the week on a low note easing -0,49 percent at 165.47 points in a trading session heavily dominated by foreign investors on both buying and selling side.

Foreign purchases in heavy cap counters amounted to $1,9 million being 59 percent of total turnover while foreign selling stood at $1,7 million for a net foreign inflow of $225 180.

Total turnover on the bourse was concentrated in heavy cap counters with giant Econet Wireless Holdings Limited (Econet), AICO Limited (AICO), Innscor Corporation Limited (Innscor), Dairibord Holdings Zimbabwe Limited (DHZL) and major seed producer SeedCo Limited (SeedCo) accounting for 85 percent of the total value traded of $3,2 million.

Total turnover declined -18,91 percent at $3,2 million despite a +19 percent growth in volumes at 18,5 million but remains significantly above daily averages of $1,5 million.

Telecommunications giant, Econet, accounted for the lion's share of the total value traded accounting for 43 percent after 235 739 units exchanged hands at 472c while another 59 872 units were sold at 471,99c in trades worth an estimated $1,4 million.

Agro-group AICO was also among the favourites as 2 983 221 traded at a stable price of 24c for an estimated $715 973.

There were 36 active counters with price movements skewed in the negative as losers outnumbered gainers by 14 to six.

Volumes traded were evenly distributed between shakers and non-movers at 9,2 million shares apiece while values traded was concentrated in non-movers at 69 percent while shakers accounting for 28 percent of total turnover with only 3 percent of turnover attributable to gaining counters.

Weighing down on the Industrial Index were heavy caps Innscor – 0,16 percent lower at 64c, SeedCo easing -1,61 percent at 122c, DHZL retreating -1,67 percent at 29,5c while top beverages counter Delta Corporation Limited (Delta) which was marginally lower -0,03 percent at 78,98c.

The worst performing counter was tourism group, African Sun Limited (African Sun) shedding -15,38 percent at 1,1c while Willdale Limited (Willdale) slipped -12,50 percent at 0,35c on significant volume of 4,8 million shares.

Debt-ridden, StarAfrica Corporation Limited (Starafrica) whose price bottomed up at 0,9c, in the wake of 2010 financials, led the risers with a +4,96 percent gain at 1,27c with firm buyers.

The ZSE's Mining Index, on the other hand, lost a marginal -0,09 percent at 160.78 points on losses in Bindura Nickel Corporation Limited (Bindura) which eased -1,43 percent at 6,9c.

Mining entity Rio Zimbabwe Limited (RioZim) seemed to have bottomed up after trading at a steady price of 110c for the fourth trading session.

Falcon Gold Limited (Falgold) and the struggling coal producer, Hwange Colliery Company Limited (HCCL) recorded no trades.

Post published in: Business Analysis

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