Econet and OK boost ZSE turnover, Industrials slide further

THE Industrial Index on the Zimbabwe Stock Exchange (ZSE) closed the day in the negative.

It was weighed by losses in AICO Limited, CBZ Financial Holdings Limited and Econet Wireless Zimbabwe Holdings Limited in trades overshadowed by special bargains in Econet and OK Zimbabwe Limited which accounted for 96 percent of the today’s $7,3 million turnover.

The Industrial Index slipped -1,27 percent to 142.85 points. Mashonaland Holdings Limited led the losers easing -10,34 percent to 2.6c, AICO lost -5,26 percent or 1c to 18c while CBZ eased -4,76 percent to a 52-week low of 10c.

Beverages group, Delta Corporation Limited was stable at 72c while Hippo Valley Estates Limited was bid lower at 85c as the offer dropped to 95c.

Telecommunications giant, Econet has proved to be the most liquid counter over the past four week recording the largest volumes of trades.

A special bargain of 1,5 million shares in Econet was executed at 385c in trades worth $5,9 million being the second such large trade in two weeks after another 1,5 million shares were crossed at 380c on November 30.

The special bargain went through at-3,75 percent discount to the market price and 8,3 percent lower than the last trading price of 420c.

The overhang of scrip especially from foreign investors has seen Econet being the only counter where a special bargain has been executed at a discount to the market.

In normal trades Econet lost -20c to 400c and closed 400c offered. Another special bargain was seen in OK were 9,446 million shares in the retail group were crossed at 9,5c with normal trades going through at 9,51c.

Total turnover for the day stood at $7,3 million from 14,7 million shares. Foreign trades were net sales with sales worth $6 011 783 against inflows of $94 217. Foreign sales were boosted by Econet. Gainers and losers were locked at seven counters apiece.

Micro cap counters dominated the losers led by Apex Holdings Limited, up 150 percent to 0,25c, Ariston Holdings Limited added +27 percent to 1,4c as Rainbow Tourism Group and Willdale Limited put on +25 percent and +7,14 percent to 2,5c and 0,15c.

The ZSE's Mining Index, on the other hand, was steady at 107.89 points despite a 10 percent loss in Rio Zimbabwe Limited at 45c. The loss in Rio Zim was already effected into the index after the offer was dropped to 45c previously.

The results of the Extraordinary General Meeting (EGM) where the media was banned to approve recapitalisation of the group will be announced soon.

Post published in: Business

Leave a Reply

Your email address will not be published. Required fields are marked *