This transaction comes hardly two months after TN Financial Holdings Limited acquired 36 percent of the furniture group through a special bargain of 358 million shares in late October.
Coincidentally a 3,3 percent stake in TN, a diversified group with interests in financial services as well as the manufacture and retailing of furniture, was executed at 4c through a cross of 24,5 milllion shares in trades worth $980 000.
After an impressive set of June interims on August 23, TN has become one of the most liquid stocks on the Zimbabwe Stock Exchange (ZSE), having traded 106,2 million shares worth $3,2 million since August 24, compared to just 32, 9 million shares traded in the first eight month of the year.
TN is one of the best performing stocks on the local bourse with a Year-To-Date gain of 400 percent.
Total turnover for the day improved to $2,4 million from 89 million shares while foreign investors were net sellers with outflows of $308 988 against purchases of $175 729.
Generally, the equities market continued to trend southward weighed by losses in beverages group Delta Corporation Limited, which pared -1,96 percent to 70c, Meikles Africa Limited lost -2,37 percent to 20,99c and Dairibord Zimbabwe Holdings Limited and Innscor Corporation Limited which lost -1,64 percent and -0,83 percent to 18c and 53,54c, respectively.
The ZSE's Industrial Index was -0,39 percent lower at 139.67 points.
Engineering group Apex Corporation Limited was the worst performing counter of the day easing -60 percent to 0,1c and is one of the least traded counter due to lack of interest from institutional players.
Apex has recorded just four trades over the past two months while Year-To-Date turnover is a paltry $17 513 from 11,9 million shares while the group’s market cap is 60 percent down to a mere $474 245.
Agro concern, AICO Limited as bid 33 percent lower at 12c with offers at yesterday’s trading price of 16c although no trades were recorded as the market jitters over heavily indebted companies simmer after Rio Zimbabwe Limited's recapitalisation plans were thrown off balance by shareholders at recent Extraordinary General Meeting (EGM).
The ZSE's Mining Index was unchanged at 81,35 points after Hwange traded unchanged at 30c, the future of the resources sector hangs in the balance with Rio Zimbabwe Limited and Bindura Nickel Corporation Limited bid lower at 20c and 1c on debt worries.
There were trades in Falcon Gold Zimbabwe Limited (Falgold) as it closed buyers at 5,5c.
Post published in: Business