Delta, Econet Lift Turnover As Bearish Conditions Persist

A total of 7,8 million shares in Delta were crossed at 70c through two special bargains worth US$5,464 million with no transactions recorded in normal trades while another special bargain of 1,3 million shares in Econet was executed at 390c with normal trades taking place at 400c.

Foreign trades remained net outflows with outflows of US$7 million against purchases of US$6,8 million.

The Industrial Index lost -0,99 percent or 1.38 points to 138.29 points weighed down by losses in Hippo Valley Estates Limited (-4,76 percent), Innscor Corporation Limited (-1,01 percent), AICO Limited (-6,25 percent), Meikles Africa Limited (4,72 percent), CBZ Financial Holdings Limited (-5,26 percent) and ABC Financial Holdings Limited (-6,67 percent).

With 14,5 percent or 11 counters of the listed 76 now trading at their 52-week lows, the Industrial Index is now -8,58 percent down Year-To-Date with only two weeks of trading remaining before year end.

Notable among those counters trading at 52-week low are banking stocks CBZ (9c) and Barclays Bank of Zimbabwe Limited (4,5c), agro-industrials AICO at 15c and CFI Holdings Limited (8c); the duo of insurance groups Afre Limited (2,5c) and Zimre Holdings Limited (0,9c).

Engineering stocks were the worst performing stocks of the day after Astra Limited slipped -35,48 percent or 1,1c to 2c, Powerspeed Limited eased -20 percent to 1,2c while GB Limited slipped -15,38 percent to 0,11.

Radar Holdings Limited lost -73,33 percent or 22c to 8c, for the year ending June 2012.

Radar is now forecasting US$43 million in revenue being a 18,9 percent downward revision from the previous forecast of US$53 million following the successful disposal of loss making United Building Merchants (UBM) (Private) Limited.

The performance of Astra Holdings Limited is heavily weighed down by uncertainty over the delayed disposal of the Reserve Bank of Zimbabwe’s 63,9 percent stake.

Six months after appointing financial advisors to facilitate the disposal of its stake in Astra, Cairns Holdings Limited, TPH Limited, Homelink International (Private) Limited, Tuli Coal and SIRTEC Limited, among others, the RBZ is yet to finalise these disposals which is key to recapitalisation of some these companies which are in dire straits.

The recovery of Old Mutual Limited in international markets, saw the local price put on +6,57 percent to 112c as National Foods (Private) Limited and SeedCo Limited added +1,25 percent and 1 percent to 81c and 101c, respectively.

The ZSE’s Mining Index lost -1,29 percent to 80.35 points as Rio Zimbabwe Limited touched an all-time low of 28c.

The resources sector with a YTD loss of -59,93 percent has seen three of its four listed entities trading at 52-week lows.

Rio has lost -85,26 percent on YTD, there were no trades in Hwange Colliery Company Limited with buyers at 28c, while Bindura Nickel Corporation Limited is bid and offered 1 and 3c, respectively.