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BizDay Zimbabwe

Hippo, Delta drive ZSE recovery

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MEMORY MATARANYIKA

Harare – The industrial index on the Zimbabwe Stock Exchange yesterday continued with its marginal recovery after inching up 0.18%, with Hippo Valley and Delta Corporation driving recovery by the industrials.

A solid production base has buoyed sentiment in Hippo Valley, a unit of South African agro processing group, Tongaat Hulett.

Analysts at Imara Africa Securities said in a research report on the company last week that they did not expect the company to encounter further problems in Zimbabwe although the land issue is likely to remain thorny for the company and occasion some uncertainty.

Hippo Valley added up 1.68% to close Tuesday’s session at 115 cents. Delta, in which global brewing giant SABMiller has a significant interest, remains one of the most attractive ZSE stocks this year. It inched up 2.21% in yesterday’s trade session after closing at 143.1 cents.

Other notable risers in Tuesday’s trade were Old Mutual which gained 1.92% to close at 265 cents and Meikles which rose 1.89% to 27 cents.

“The Industrial Index continued its rise and closed at 215.18 points, 0.84% up from (Monday’s) trades. The value of trades was marginally up today in mixed trading,” said market watchers at Lynton Edwards Securities in a market report.

NicozDiamond weighed down the notable gains by Delta, Hippo, Meikles and Old Mutual after it shed 40% of its value to close at 1.5 cents.

Although the industrial index was marginally up, the mining index continued to decline, with Hwange shedding 28.57% to close at 10 cents. The resources index was 5.05% down after easing to 46.09 points.

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