Another Special Bargain drives ZSE higher

Published: 03 October 2013

The season of Special Bargains seems to be upon us, as we see one after the other lately. Market turnover remained very solid at $4,238,956 buoyed by an excellent special bargain in Econet for 4.5 million shares at a price of 61,96c that sailed through the ZSE on Thursday as Industrials extended their rising streak to 13 straight sessions.

Volumes remained reasonable spurred by about 4 significant deals over the past week.

Investor confidence is growing by day and this is likely to see a re-rating of most counters in the bourse especially with many stocks being tightly held, the recovery.

The Industrials Index index climbed further adding 2.08 points or 1.02% to 205.44 largely on gains BAT and Delta with other heavyweights Innscor and OK Zimbabwe remained stable while Econet traded on the downside.

Econet dropped 0.44c or 0.71% to 61.96c with special bargain of 4 511 830 Econet shares being pushed through at 61.96c by Bethel Equities.

Blue chip Delta advanced 4.01c or 3.18% to 130.01c amid strong bidding with buyers dosing firm at the same price. Cigarette manufacturer BAT advanced 50c or 3.85% to 1350c.

Innscor traded unchanged at 83c whilst its associate Natfoods closed amongst the top 5 fellers on the day, shedding 10c or 4% to 240c.

Meanwhile, OK Zimbabwe remained stable at 28c.

The mining index finally recorded decent trades as 75% of the counters traded today pushing the index by a mere 0,48%. The Index also gained 0.24 or 0.48% to 50.53 as Hwange traded amongst the top 5 risers adding 0.51c or 5.10% to 10.51 c cancelling out losses in RioZim which closed as one of the top 5 fallers, easing 1c or 3.23% to 30c.

Bindura remained stable at 2c amid reports that the nickel miner is reportedly close to sealing the $4.5 million bridging finance facility with unnamed domestic banks for the second phase of the restart of Trojan Mine.

Daily market turnover remained reasonable but eased to $4.211 million on a volume of 9.077 million shares against yesterday's $5,295 million on a volume of 297.99 million shares.

The top riser on the market was TA Holdings which added back 2c or 40% to 7c. Bankers ZBFH advanced 0.50c or 3.33% to 15.5c while TSL closed 3.33% firmer at 31c.

Other counters to trade in the green were Meikles, Padenga and PPC who added 1.66%, 0.14% and 1.20% each to 28.11c, 7.01c and 253c respectively.

African Sun remained stable at 2.1c after the group announced that it has sold its 12% stake in Dawn Properties to Lengrah Investments, a subsidiary of Brainworks Capital for $4.3 million in order to reduce its short-term debt.

Zimplow Holdings led the top fallers, losing 1c or 20% to 4c. DZLH closed 5% weaker at 19c while bankers FBC eased 0.10c or 0.83% to 12c.

Old Mutual dropped a marginal 0.21 % to 240c after reports that Old Mutual Zimbabwe has opened a one-stop financial shop which will offer customers the convenience of a single destination for all financial services offered by the group.

There no tellers on the Zfh board with the benchmark Datvest All Share Index rising by 1.05 points or 0.77% to 137.84 while the blue chips measure, the FBC ZSE-10 Index was 1.46 points or 1.03% firmer at 144.19.
- businessdaily

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