Meikles, OK Spur Volumes As ZSE Recovers

The Industrial Index closed the day +0,57 percent firmer at 160.93 points while the Mining Index put on +1,42 percent to 151.97 points.

Local investors dominated an active trading session which saw volume traded and turnover double to 24 million shares and US$4,8 million, respectively, boosted by special bargain trades in Meikles Africa Limited (MAL) and OK Zimbabwe Limited (OK).

Local participation was 98 percent on both buy and sale sides while foreign trades were limited to US$120 020 and US$119 255,60 on the buy side and sell side, respectively.

Retail group OK, saw a block of 5,2 million shares crossed at 10,7c (+9,18 percent premium to market) in a trade worth $556 400 while normal trades went through at 9,8c.

Meikles, which has been on a steady rise since the beginning of the month, is up 28 percent month-to-date, saw 9 255 043 shares exchange hands at 32,50c in the biggest trade of the day worth US$3 million.

In normal trades, Meikles added +6,67 percent at 32c on 400 000 shares.

The group has been actively trading this month with total volumes amounting to 13 million shares worth US$4 million with average daily trades at 1,08 million shares (US$377 400).

Investors welcomed Padenga Holdings Limited’s impressive financial results with strong demand which pushed the price up +26,88 percent (+1,25c) to 5,95c.

In the 11-month period ending June 30, the group reported a bottom-line of US$3,7 million translating to a Earnings Per Share (EPS) of 0,68c and declared a dividend of 0,166c.

Other notable gains were in Econet Wireless Zimbabwe Holdings Limited (Econet) up +2,56 percent (+10c) at 400, Cafca Limited put on +2,14 percent (+1,50c) to 71,50c while TN Financial Holdings Limited (TN) added +7,02c(+0,25c) to 3,20c.

Delta Corporation Limited was the only heavy cap counter to trade in the red as it traded -1,32 percent softer at 75c while Old Mutual Limited was marginally lower at 155c down 0,001 percent.

Tyre manufacturer National Tyre Services (NTS) was the worst performer of the day after easing -29,38 percent to 3,10c.

A +3,45 percent advance in Hwange Colliery Company Limited (HCCL) to 60c drove the Mining Index up +1,42 percent despite a -7,14 percent loss in Rio Zimbabwe Limited (RioZim).

RioZim continues to slide lower breaking the previous all time low price of 70c to trade at 65c and closed with a bid a 60c as the mining giant fails to find firm footing.