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BizDay Zimbabwe

ZSE in bearish week

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THE Zimbabwe Stock Exchange closed a bearish week in the red after losses across the board on Friday pushed the main industrials index down 1,67 points as bargain hunters swooped stocks.

Bellwether stocks Delta, Innscor and OK Zimbabwe all traded negatively.

Delta shed 1,10 cents to 148,90 cents, while Innscor dropped three cents to 77 cents and retailer OK Zimbabwe was 0,05 cents lower at 22 cents.

Delta was one of the favourites as bargain hunters eyed the stock ahead of the Christmas holidays. On Tuesday last week, investors bought 2,6 million Delta shares for $2,9 million.

AFRE’s share price fell by a fifth to eight cents while CBZ pared 0.40 cents to 15 cents. Other losses were in Hunyani, 20% lower at two cents, ZPI traded 0,05 cents lower at 1,25 cents while banking group ABC recorded a marginal loss of 0,01 cents to 50 cents.

ZPI recorded an out of market deal of $670 000. Truworths, however, gained 0,25 cents to four cents while Aico put on 0,1 cents to 7,11 cents and Zimpapers traded 0,09 cents higher at 0,9 cents.

This came as ZSE turnover and volumes declined in the month of November compared to the previous month as investors held on to their stocks in anticipation of gains after the presentation of the National Budget.

In November, total turnover for the ZSE went down to $34 970 666 from $44 581 769 in the month of October.

Volumes declined to 188 969 052 in November from 602 947 421 in October.

By November 14, ZSE heavyweight Delta was leading the pack with a total market capitalisation of $1,8 billion, followed by Econet at $554,6 million, Innscor $470 million, OK Zimbabwe $288 million, British American Tobacco $258 million, Hippo Valley $222 million, Seed Co $175 million, Old Mutual $151 million and National Foods $147 million.

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