Delta and SeedCo Lead Industrials Rebound As Minings Sink
Just over 7,2 million shares exchanged hands on the market yielding US$522 912 in total turnover where Delta again emerged the market’s favourite stock accounting for US$84 030 of the total value traded.
An exciting trading update from Delta’s parent company SAB Miller which reflected that the Zimbabwe operations had posted a 30 percent volume increase has generated excitement in the beverages maker.
Delta’s price had recently succumbed to selling pressure creating some exciting opportunities for punters to gain exposure ahead of the release of the group’s interim results.
A jerky spike in demand for seed manufacturer SeedCo drove its price up 4, 55 percent to 115c as pre results trading sets in.
The group’s interim results are also expected in the coming few weeks though the reported period are generally a cost accumulation phase for them.
Furniture and home appliance retail group Pelhams Limited closed the day +24,53 percent firmer at 0.66c as the market continues to await possible corporate structure changes following the purchase of a 35,8 percent stake by an investor believed to be T. Nyambirai, the founder of TN Financial Holdings Limited, a competitors of Pelham’s in the retail sector.
RTG led the market gains with a 33, 3 percent rally to 2c as interest in the tourism group re-emerges.
Financial stocks were the market’s undoing with Trust, CBZ Financial Holdings Limited and Barclays Bank Zimbabwe Limited leading the fallers after they came off -9.1 percent, -7, 1 percent and -5, 5
percent. Other losses were seen in dually listed stock Old Mutual that fell 3, 1 percent and to 126c. Hwange fell -2 percent to drive the Mining Index -1, 49 percent softer to 129.17 points a new 52 week low for the resources index.
Intermittent poor financial performances from the listed mines have weighed heavily on the index as the sector continues to grapple with recapitalisation issues that have been hindered by the limited flow of
foreign capital choked by the country’s empowerment regulations.