Top cap Stocks Delta Corporation Limited and Econet Wireless Holdinhs Limited succumbed to selling pressure to drive the main stream Industrial Index on the Zimbabwe Stock Exchange (ZSE) down -0,12 percent to 161.23 points as the exciting reporting season failed to carry the day in close of week trades.
Sellers scrambled to sell just 48 938 shares in Delta thereby pushing the price of the beverages giant down -0,90 percent to 78,29c.
Likewise telecommunications giant Econet that saw a marginal -0,02 percent decline in price to 414,9c fell victim to selling pressure with sellers jostling to satisfy a the paltry demand the market of a mere 2 784 shares that traded in normal trades.
The telecommunications giant trading at its lowest levels yet closed with a tight quote of 411c-420c while a significant overhang was evident on the stock.
Life assurers Fidelity Life Limited that saw their fortunes nose dive on the market were also among those that were in the red down -2,44 percent at 12c and saw a healthy volume of 1 855 870 sail through the market.
Investors reaffirmed their confidence in cable manufacturers Cafca Limited following their recent interim results that reflected a basic Earnings Per Share (EPS) of 2,31c which saw demand surging to drive the group 10 percent in Friday’s trades to close at 60c.
Financial stocks became the market’s rallying point with, TN Financial Holdings Limited (TN) perhaps the surprise package of the reporting season continuing to power its way northwards rallying +19,52 percent to settle at a new 52 week high of 2,51c.
International banking group Barclays Bank Zimbabwe Limited whose Zimbabwe operations reported an EPS of 0,03c per share from a bottom line of US$928 453 as rewards of a streamlined structure begin to bear fruit closed the day up +8,33 percent at 6,5c closing firmly bid at that level of 6,5c.
Cigarette manufacturers British American Tobacco Limited (BAT) seems to have successfully weathered the storm of emerging competition in the market to post an interim EPS of US$0,11 and even had the audacity to declare an interim dividend of US$0,10 representing a 90,9 percent payout saw their price renaissance steadily progress hitting 145c by close of call with a firm bid at that level and a distant offer at 180c.
Overall activity was fairly improved across the bourse with active stocks rising to 49 from 43 on Thursday yielding a total turnover of US$1,6 million.
The turnover segregation showed that local players remain the dominant force as foreign inflows and outflows were estimated at US$241 988 and US$293 921, respectively. Dairibord Zimbabwe Holdings Limited (DHZL) was the most liquid stock for the day as it accounted for 205 of the day’s total turnover while Fidelity Limited was a distant second at 13,7 percent.
Other notable trades were seen in OK Zimbabwe Limited (OK) and SeedCo Limited that accounted for 11,6 percent and 9,2 percent of the totl value traded for the day.
The highly volatile Mining Index dipped again in Friday’s trades largely driven by the 4,17 percent fall in Hwange Colliery Company Limited (HCCL) to 57,5c.
The rest of the mining stocks traded unchanged.
Post published in: Business