NET sales will continue dominating the Zimbabwe Stock Exchange, a sign that there is no foreign investor confidence in the market, analysts have said.
BY VICTORIA MTOMBA
Foreign sales were $121 391,10 yesterday, down from $274 859,90 recorded on Friday. There were no foreign buys on Friday and yesterday. Turnover for the bourse stood at $138 060,54 yesterday, lower than the $796 069,46 recorded on Friday.
A local analyst yesterday said the trend has been like that in the past four months because of negative investor sentiments.
“Statistics show that there have been net sales so long as there were no changes in the economy net sales will persist. Meaning more money will be going out than coming in,” the analyst said.
The benchmark industrial index yesterday opened the week 46 points up compared to 123,79 percentage points, while the mining index remained unchanged at 35,72 percentage points.
BAT, Delta and Pearl recorded gains during yesterday’s trade. Delta gained 0,81% to trade at $0,75 per share after its foreign shareholder AB InBev said it would support the local operations.
Delta is set to lose the Coca-Cola franchise following the tie-up of its shareholder, SABMiller, and AB InBev. Delta is now an associate company of AB InBev.
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BAT gained 0,98% to trade at $15,50, while Pearl gained 20% to trade at $0,240.
Market capitalisation for the local bourse stood at $3,4 billion yesterday up from the 3,39 billion recorded on Friday.
There has been scepticism over the introduction of bond notes in the economy with investors trying to buy shares as opposed to keeping cash due to the uncertainty that has been brought by the pending introduction of the currency.
Yesterday, 15 trades were recorded down from 55 trades on Friday.
