SHARES for the largest Zimbabwe Stock Exchange-listed concern by market capitalisation Delta Corporation worth $12,9 million were snapped by foreigners between Friday and yesterday’s trade.
By Victoria Mtomba
Delta shares worth $6 million were sold on Friday, while the other half was sold yesterday at $1,25 cents per share.
According to experts, the transactions were significant because they contributed mainly to the total turnover. Yesterday’s total turnover was $7,8 million and the Delta transaction contributed over 50% of the turnover.
“The transactions show that Delta shares are attractive to buyers as they are liquid compared to other shares that are less liquid,” the expert said.
The shares were sold through a special bargain and book over.
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.
A book over is when the broker is both the buyer and seller of the shares.
The transaction saw a total of 10,5 million Delta shares being sold from a total of one billion shares of the company.
Delta has the largest market capitalisation on the local bourse which has a total market capitalisation of more than $1 billion.
The market capitalisation slumped to $5 billion from $6 billion soon after general elections.
The industrial index increased 0,89 points to close at 200,94 points on the gains in heavyweight counters that include British American Tobacco, PPC, Meikles, Old Mutual and Delta.
Old Mutual was the leading counter at yesterday’s trade after gaining 1,90 cents to 238 cents followed by Delta that gained 99 cents to trade at 125 cents, while BAT rose by 50 cents to trade at 1 200 cents and PPC added 10 cents to trade at 250 cents.
Meikles traded at 26 cents after gaining 6 cents.
Two counters traded in the negative territory, TA Holdings and ZB financial Holdings.