ZSE holds steady despite Delta losses

ZSE holds steady despite Delta losses

HARARE, October 29 (The Source) – The Zimbabwe Stock Exchange this week held steady despite its biggest counter, Delta Corporation trading in the negative over the possible loss of the Coca-Cola bottling business.

Delta is reeling from The Coca-Cola Company (TCCC)’s to terminate their Bottlers’ Agreements, alongside that of its associate, Schweppes Holdings Zimbabwe.

The brewer’s share price eased 13.23 percent to settle at 72.02 cents. PPC and Mashonaland Holdings also shed 3.78 percent and 0.59 percent to close at 47.1 cents and 1.69 cents respectively.

The main industrial index was basically flat, gaining a marginal 0.01 percent to close the at 120.46 points.
National Foods, gained 36.21 percent to close at 300 cents and Ok Zimbabwe added 24.57 percent to settle at 5.02 cents.

Seedco and Hippo Valley also rose 24.24 percent and 9.34 percent to close at 82 cents and 23.07 cents respectively. Old Mutual advanced 1.79 percent to settle at 321.91 cents.

FBC, BAT and Padenga put on 7.14 percent, 4.17 percent and 3.45 percent to trade at 7.5 cents, 1500 cents and 15 cents in that order.

In the week under review the telecommunication giant, Econet, traded stable at 30 cents.

The resources index also picked up 1.78 percent to settle at 33.76 points from 33.17 points last week driven by Bindura and Riozim — which added 1.01 percent and 3.06 percent to close at 2 cents and 18.55 cents. Falcon Gold and Hwange remained unchanged at 0.5 cents and 3 cents respectively.

Market capitalisation closed the week at $3,314 billion from $3,317 billion in the previous week. Additionally, total market turnover increased by 68 percent to $7.71 million with average daily trades of $ 1.54 million in the week under review.

Foreign investors have remained net sellers selling shares worth $7.17 million and purchasing shares worth $217,950 in the week.

The overall foreign investor participation increased from 35.22 percent in the previous week to 46.51 percent.