Delta, Econet boost ZSE trades

DELTA Corporation Limited (Delta) and telecommunications giant Econet Wireless Zimbabwe Limited (Econet) yesterday boosted trades on the Zimbabwe Stock Exchange (ZSE) stockbrokers have said.

"The market made an encouraging start of the week with $2,062,471 worth of trades being executed," said leading firm Imara Edwards Securities (Private) Limited.

The Industrial Index stood at 130.32 points. On Friday it stood at 130.36 points. The Mining Index stood at 76.84 points. On Friday it stood at 81.51 points.

"Delta and Econet were the most heavily traded counters where the rest of the market was generally quiet," Imara said in its commentary.

"The Mining Index, on the other hand, rallied 5.73 percent following a strong showing by Falcon Gold Zimbabwe Limited (Falgold) and in spite of losses in Bindura Nickel Corporation Limited (Bindura) and Rio Zimbabwe Limited (RioZim)."

Imara said the Industrial Index traded flat to marginally weaker with the vast majority of the listed counters trading at previous closing levels.

On Friday, high investor risk aversion and competition from fixed income securities continues to stifle trade in equities on the ZSE.

In their Weekly Report for the week ended June 22, Imara had said investors had last week focused their attention on Econet, Zimbabwe's leading telecommunications operator.

Econet has a subscriber base of more than seven million people and recently introduced its EcoCash Money Transfer facility for its subscribers.

On Friday the ZSE's Industrial Index closed the week down -1,34 percent at 130.36 points. The Mining Index, on the other hand, stood at -0,09 percent with 81.51 points resulting in it closing in the red.

The weekly value of trades was down 54 percent at $8,1 million with sustained local buying in Econet seeing the giant emerge the best and most active stock traded on the ZSE.

"Investors focused their attention squarely on Econet and no other counters recorded any sizeable trades, Imara said in the report.

"Market turnover of $1,395,137 comprised predominently Econet shares while none on the Mining stocks traded."

Post published in: Business

Leave a Reply

Your email address will not be published.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