Foreign Investors Boost Trades As ZSE's Industrials Trade Lower

Turnover jumped to US$2,2 million after foreign investors bought 20 million in property group, Pearl Limited at a stable price of 3,3c in trades worth US$0,667 million while total foreign inflows were 60 percent of value traded at US$1,3 million from 23,8 million shares.

Foreign outflows stood at US$0,868 million from 14,3 million shares.

Total volume traded more than quadrupled to 31,4 million shares.

The ZSE’s Industrial Index eased -0,47 percent to 144,06c weighed down by profit taking in Delta Corporation Limited which saw the counter close -3,96 percent lower at 72,99c.

Delta which is expected to release its interims tomorrow had gained an impressive +15,2 percent over the past two weeks.
 

We forecast Delta to report an interim Earnings Per Share of 2,89c and believe the counter remains attractively valued with an upside potential of at least 60 percent should liquidity improve.

Notable losses were seen in Meikles Africa Limited which eased -4,35 percent to 22c, African Sun Limited lost -8,70 percent to 0,7c while Ariston Holdings Limited was -16,67 percent lower at 1c.

African Sun and Ariston are due to release their September interims soon and are expected to report losses after African Sun cited restructuring costs as the drag on profitability while Ariston cited working capital challenges.

Retail stocks, OK Zimbabwe Limited and Edgars Holdings Limited cheered up to news that civil servants could get bonuses this month which are expected to boost consumption levels. OK put on +7,53 percent to 10c while clothing retailer, Edgars added +0,56 percent to 9c.

Hippo Valley Estates Limited put on +6,67 percent to 80c on thin volumes.

The ZSE’s Mining Index recovered +1,07 percent to 123.82 points helped by Bindura Nickel Corporation Limited and Hwange Colliery Company Limited.

Bindura advanced +1,96 percent to 5,2c while Hwange was +1,32 percent up at 46,10c.