HomeNewsDelta special bargain boosts ZSE

Delta special bargain boosts ZSE

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A special bargain deal in Delta shares helped the Zimbabwe Stock Exchange (ZSE) industrial index advance by a further 0,48 points to close at 147, 25 points on Friday.

The Delta deal, valued at close to $1, 9 million, saw 2 682 800 shares exchange hands at 70 cents.

A special bargain deal is when shares are bought for higher or lower than their market value. The price is negotiated between the interested parties.

Week-on-week the industrial index was up 4, 08 points. The total market turnover for the day was $2,491 million.

BAT gained 5 cents to 175 cents, Econet pushed up 3 cents to 382 cents and Afre traded higher at 7, 10 cents after gaining 1, 10 cents.

On Tuesday last week, Econet disposed of its 19, 7% stake in Afre in another special bargain deal.
There were also media reports that the National Social Security Authority had acquired a majority stake in Afre.

Innscor was up 0,86 cents at 64 cents, FBCH rose 0,30 cents to 6,50 cents and OK Zimbabwe gained 0,29 cents to close at 11 cents.

Trading in negative territory, Old Mutual lost six cents to 170 cents, AICO Africa and Turnall both slipped

0,50 cents to 18 cents and 10,50 cents respectively. CFI was down 0, 10 cents to 6, 10 cents.

Afdis was buyers only at 12 cents following the publication of its financial results.

The company reported a 267% increase in earnings to 1, 35 cents per share in the half-year ending December 2011.

The mining index gained 7, 77 points (8, 29%) to close at 101,45, surpassing the 100-point mark for the first time in six weeks.

Hwange advanced 7 cents to 35 cents whilst Bindura, Falgold and Riozim were unchanged at previous trading levels.

Week-on-week, the mining index was up 18,26 points (21,95%).

Despite concerns over the country’s political environment and implementation of the Indigenisation Act, returns on the ZSE are expected to be better in 2012 compared to 2011 on the back of the continued economic recovery.

Since the beginning of the year, the stock market has been characterised by a number of special bargain deals.

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