13pc African Sun shares snapped up

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641
Econet

A BARGAIN hunter snapped up 13% of African Sun Ltd last week valued at a combined value of $3 million in a special deal.

Staff writer

A total 99 570 802 African Sun shares were snapped up at a price of 3c. The price was at a premium vis-a-vis its market price of 2,7c.

The figure represents more than 13% of the company’s total issued share capital.

Last week saw a number of sizeable chunk of shares being snapped up in special bargain deals on the local bourse.
Yesterday, five million Meikles shares were snapped up at a price of 7c.

The transaction was worth $350 000.

The mainstream industrial index of the Zimbabwe Stock Exchange (ZSE) rose marginally to close at 154,84 points, up 0,52%.

Econet rose by 6,31% to close at 49,01c.

But the gains in Econet were offset by a heavy plunge in OK Zimbabwe shares, which dropped 9,09% to close at 10c.

OK is expected to release its full-year financial results this week.

The mining index remained unchanged at 42,93 points.

ZSE’s market capitalisation in April fell marginally by 1,17% from $4,49 billion to close at $4,44 billion.

The key industrial index fell 1,24% to 156,26 points as blue chip companies lost ground.

Econet fell 2%, Seedco, OK Zimbabwe and Barclays fell 7,77%, 16,67% and 11,11% respectively in the same month.
The mining index plunged a further 2,28% in April on the back of losses by Falgold, Hwange and RioZim of 12,50%, 14,29% and 30% respectively.

After losing 50% in the prior month, CFI went up 100%, Dawn increased by 100%, African Sun grew ( 86,67%).

During the month Unifreight went down by 50%, Star Africa tumbled 28,57%, Tobacco Sales Limited fell 23,08% and Pretoria Portland Company dropped 22,94%.

Other counters that gained during the period are Fidelity Life (84%) , Zimplow (38,89%) , Innscor Africa (7,29%) while Delta Beverages remained unchanged.

On monthly flows activity picked up in April, with turnover increasing 112,4% month-on-month to $38,52 million, while average daily trades of $1,93 million were recorded in the month.

The most significant contributions to total value traded were Dawn, Delta and Econet contributing 48%, 19% and 10%, respectively.
Total volume traded went up 62,3% to 589,99 million
shares.