CBZ special bargain spurs Stock Exchange

A special bargain involving 20 million CBZ shares valued at $2,1 million helped the industrial index on the Zimbabwe Stock Exchange (ZSE) close the week on a higher note.

Report by Business Reporter

The shares were traded at 10,5 cents each.

The index close at 154,62 points on Friday after gaining 0,57 points (0,37%).

A special bargain deal is where shares are acquired for higher or lower than their market value. The price is negotiated between the buyer and the seller

Beverages manufacturing firm Delta led the risers after adding 2,47 cents to trade at 87,50 cents, CAFCA  pushed up two cents to 55 cents and TA Holdings inched up a cent to 13 cents.

Innscor, on the other hand, gained 0,90 cents to 76 cents, DZLH advanced 0,31 cents to 19,61 cents, while StarAfrica  and ZHL gained 0,10 cents to close at 2,20 cents and 1,10 cents respectively.

On the downside, Hippo shed five cents to 115 cents, Aico Africa was down 2,40 cents to 12,10 cents, while Hunyani dropped 0,50 cents to 5,50 cents. Week-on-week the industrial index rose 2,83 points compared to the week ending October 5 2012.

The mining index was steady at 87,48 points with Bindura, Falgold, Hwange and

Rio Zim remaining unchanged at previous trading levels. Rio Zim last week announced that it required $2 million monthly in the short term to process 1 200 tonnes of nickel at Empress Nickel Refinery. The mining index was up 0,18 points (0,21%) compared to the week ending  October 5 2012.

According to the  September African Development Bank monthly economic report, foreign investor participation on the ZSE has maintained a downward spiral on the back of equity law fears, uncertainty over the next general elections and liquidity constraints on the domestic market. The regional bank said although confidence had slightly improved, performance of the local bourse remained subdued.

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