ZSE continues flat as foreigners sell-off

ZSE continues flat as foreigners sell-off

HARARE, April 8 (The Source) – The equities market continued listless on Tuesday as the mainstream index added 0.01 points — for the second trading day in a row — to 176.39 points with bargain hunters seen taking advantage of low prices.

But foreign sales were 10 times higher than buys at $697,000 and $70,000, constituting over 60 percent of the total turnover at nearly $1,3 million and double the value of yesterday’s trades.

Market mover Delta traded 0.10 cents higher to 115.10 cents with a turnover of $230,000 while Barclays and FBC added 0.10 cents each to 3.50 cents and 12.60 cents in trades worth $100,000 and $8,500.

“Bargain hunters looking to capitalize on weak prices to pick up stocks for their long-term investments may appear here and there but overall we expect fundamentals to be the key driver for equities,” Tetrad noted in its weekly analysis of the stock market.

On the downside, cement makers Lafarge and PPC pared off 10 cents each to trade at 75 cents and 220 cents while CBZ traded 0.10 cents lower at 16 cents.

Heavyweight counters Econet, Innscor and TSL traded unchanged at 62.50 cents, 62 cents and 35 cents.

The resources index dropped 0.61 points to close at 28.82 points after Hwange lost 0.50 cents to 5.50 cents.