Delta supports turnover as banks lift ZSE higher

HARARE – Delta Corporation supported turnover for the second consecutive day as Zimbabwe Stock Exchange shares closed Wednesday’s trades higher, supported by gains in blue-chip financial stocks.

At close, the All Share Index rose 1.81% to 249.99. Market bias was strongly positive after 12 stocks registered gains against four losers. Turnover was at ZWG34.89 million after 6.47 million shares traded. Trades were buoyant at 300, with Delta the most active at 58.

Foreigners were net buyers at ZWG616 606 against disposals of ZWG390 500. Delta’s turnover was the highest at ZWG27.27 million after 1.51 million shares traded mostly through a local fund manager, while EcoCash led on volume at 1.87 million shares.

The Top Ten Index advanced 2.07% to 268.78 after gains in CBZ and FBC. CBZ was 11.80% higher to 1 799.96c, and FBC added 2.32% to 1 099.97c. The new addition to the heavyweights’ index, ZB Financial Holdings, did not trade.

Econet, however, lost a fractional 0.03% to 350.0062c.

The Medium Cap Index was 1.18% higher to 209.04. Nampak maintained buoyancy as it hit limit up to 127.9c and Art put on 11.11% to 50c, taking its market cap to US$8.64 million. Zimpapers rose 8% at 7.02c despite its subdued interim results where high operating costs continue to negatively impact its earnings, while FMP advanced 7.70% to 70c.

Turnall was the session’s worst performer with a 5.05% fall to 6c, retailer OK Zimbabwe dropped 4.77% to 80.01c and Seed Co closed 1.52% to 533.44c

Turnover was mediocre on the VFEX at US$13 367 in 69 trades. The All Share Index lost 1.27% to 10.13 as it closed on market cap of US$1.28 billion. Axia was the worst performer, losing 9.65% to 7.4 US cents after its lacklustre June finals. First Capital Bank fell 7.57% to 4.64 US cents and Simbisa, which saw a difficult H2 in its June finals, dropped 1% to 34.63 US cents. Innscor pared 0.67% to 45.69 US cents. -finx