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BizDay Zimbabwe

Foreigners snap up 5m Delta shares

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FOREIGN investors snapped up over five million shares in beverages maker Delta on Monday and yesterday at the Zimbabwe Stock Exchange as the stocks continue to draw interest. On Monday, over 3,1 million shares were pushed through as a block deal by stockbrokers Imara at 150 cents with a value of US$4,65 million.
The other block of 2,6 million was moved yesterday at the same price with shares worth US$3,19 million. Both the buyer and seller were foreign resulting a net off.

Meanwhile, the stock market slipped into negative territory yesterday as the ZSE continues to struggle for a strong pull in either direction.
Analysts say local investors have been hamstrung by liquidity challenges; the market has been primarily driven by foreign investors who now account for the bulk of trades on the ZSE.

As at November 30, 2013 the total value of trades on the ZSE was US$436,57 million with foreign investors being involved in trades worth US$419 million on either the buy or sell side.

Last year’s turnover was US$422,38 million. Total foreign buys were worth US$256 million much higher than US$200,6 million in the same year ago period. Foreign outflows were worth US$163,22 million against US$143,992 million last year.

At close the Industrials Index was 0,06 percent lower to 213,78 while the Minings Index was up 3,81 percent to 48,81. Analysts project the resource index to close the year below the 50-level.

Turnall led the fallers losing 1cents or 18,18 percent to 4,50 cents taking its year to date loss to 18.18 percent. Turnall is, however, expected to report a better second half following the commissioning of a tile making plant.
First Mutual, which last week launched a new mobile based product under its Life arm was 2 cents lower to 10 cents.

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