Foreign Deals Boost ZSE Trading

A block of 42 million (7,9 percent of listed shares) in AICO was crossed at a stable price of 24c in one of the largest trades on the ZSE valued at US$10 million (89 percent) as total turnover improved to US$11,2 million while total volume stood at 47 million shares.

By close of trade the Industrial Index had slipped -0,22 percent at 163.33 points weighed down by losses in 14 counters against six gainers.

Selling pressure continues in British American Tobacco (Zimbabwe) Limited (BAT) which slipped -5,26 percent to trade at a 52- week low price of 90c while Old Mutual Limited was -3,22 percent lower at 150c.

SeedCo Limited was -1,56 percent softer at 126c ahead of its Annual General Meeting (AGM) slated for August 10, while Starafrica Limited lost -10 percent at 1,80c ahead of its AGM this Friday.

Giant Econet Wireless Holdings Zimbabwe Limited recovered 10c at 430c after hitting a 52-week low last Friday.

The counter closed strong buyers at 430c with 141 208 shares exchanging hands in trades worth US$607 194.

Beverages giant, Delta Corporation Limited was strong buyers at 80c having recovered +6,7 percent since its trading update on July 27 where they indicated that they have had their best performance in the first quarter April to June as volumes and profits were above expectations. Retail group OK Zimbabwe Limited put on +5,73 percent at 11,63c after an impressive trade update on July 28 in which they surpassed turnover targets by 8 percent at 89c with gross profit margins of 18 percent.

The resources sector traded in the red weighed down by losses in Falcon Gold Limited (Falgold) which eased -11,11 percent at 4c while Rio Zimbabwe Limited (RioZim) was marginally lower at 95c.

Major coal miner, Whange Colliery Company Limited (WCCL) was buyers at 55c as boardroom wars escalate.

The company confirmed that the AGM slated for Wednesday, August 3, is taking place and advised shareholders to ignore a notice of cancelation published last week.