Foreign investors illuminate ZSE in month-end trades

November closed on a good note amid heavy foreign participation in Delta Corporation Limited and Econet Wireless Zimbabwe holdings Limited for the second trading session.

Resurgent demand at month-end saw both indices close the month firmer as the Zimbabwe stock Exchange (ZSE's) Industrial Index put on +0,51 percent to 144.98 points while the Mining Index was 0,16 percent firmer at 115.47 points.

Total turnover improved to $7,7 million from 9,4 million shares with Delta and Econet accounting for 92 percent of the day’s trades.

Telecommunications giant, Econet succumbed to selling pressure easing -5 percent or 20c to close at 380c with opening trades at 400c as 1,6 million shares exchanged hands in back to back foreign trades.

Foreign investors snapped 1,1 million shares in Delta at a stable price of 72c, while a total of 1,2 million shares exchanged hands.

Buoyed by the trades in Delta and Econet, foreign buying and selling was 85 percent and 78 percent of turnover, respectively.

Retail stocks dominated gains as the duo of clothing stocks, Edgars Limited and Truworths Limited added +5,88 percent apiece to 9c each, food retail stock, OK Zimbabwe Limited put on 3,20 percent to 10,01c, Food and Manufacturing Consumer Group giant, Innscor Corporation Limited added +1,12 percent to 56,12c. Old Mutual Zimbabwe recovered an impressive 8,93 percent to 120c as SeedCo Limited put on 8,91 percent or 9c to 110c.

Tourism group African Sun Limited recovered +14,29 percent to 0,8c as it oscillate between 0,7c and 0,8c, ahead of their interims results presentation.

African Sun is expected to report losses for the first six month to September due to restructuring exercises undertaken at the group.

Gulliver advanced +80 percent to ,.09c in a rare trade after almost two month of no activity.

Interfin Financial Holdings Limited recovered 100 percent from its all time low of 4c to close at 8c albeit on thin trades.

The resources sector continued in shallow trades with only Rio Zimbabwe Limited reporting activity.

The ZSE's Mining Index recovered +0,16 percent to 115.47 points spurred by +1,01 percent advance in RioZim to 50c.

Post published in: Business

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