Delta reported a 46 percent growth in Earnings Per Share to 2,49c; however 14 percent below out forecast of 2,89c and declared an interim dividend of 0,83c (1,17 percent dividend yield).
We, however, maintain our buy recommendation for Delta but revise our target price down to 101c representing 35 percent upside potential.
Only three counters recorded gains in a session dominated by losses as thin trades persisted.
Pharmaceutical group, Medtech Holdings Limited put on +9,09 percent to 0,12c while Zimbabwe Newspapers (1980) Limited put on +5,56 percent to 0,76c.
Turnover in normal trades slumped to $399 926 from 5,95 million shares while a special bargain of 14,9 million shares in NMB Financial Holdings Limited was executed at 1,35c being 8 percent premium to normal trades in a trade worth $201 003.
Foreign participation remained low with inflows declining to $31 862 while outflows were at $77 534.
Trading in the negative was seed company, SeedCo Limited which lost -2c to 115c ahead of its interim results presentation.
The group reported a 49 percent growth in turnover to $30 million for the first six months to September but their performance was weighed down by cost of sales growth which outpaced revenue to see margin thinning by 2 percent.
SeedCo reported a half year loss of $1,4 million being 2 percent improvement from last year’s while the group is expecting sales volumes of around 65 000 tonnes
Furniture retail group, Pelhams Holdings Limited eased -13,04 percent to 0,6c despite reporting their September interims achieving their maiden interim profit since dollarisation.
The group reported a profit of $586 427 boosted by competitive credit sales.
The market still await anxious confirmation of shareholder changes after a 35,8 percent in the group went through the market last month under disputed circumstances with the issue now before the courts.
Other losses were seen in FBC Financial Holdings Limited which eased -10,77 percent to 5,8c, BAT (Zimbabwe) Limited lost -8,28 percent to 155c while Pearl Holdings Limited was -3,03 percent to 3,2c.
The ZSE's Mining Index touched a 52-week low of 121.40 points after losing -1,84 percent on losses in Bindura Nickel Corporation Limited and Hwange Colliery Company Limited.
Hwange was -2,39 percent lower at 45c, Bindura lost -1,76 percent to 5c while Rio Zimbabwe Limited was unchanged at 50c.
Post published in: Business