DBF finally exits Fidelity as ZSE opens H2 stronger
HARARE – Zimbabwe Stock Exchange shares remained in record territory at the start of second half trades on Monday although the session’s spotlight was on the block trade in Fidelity Life.
The All Share Index rose 2.03% to 131.25 in a session which yielded 13 risers against five fallers amid expectations of improved momentum following changes made to Capital Gains and the repealing of the 180-day vesting period, last Friday.
A total of 24.98 million shares in Fidelity worth ZWG19.07 million went through as a negotiated trade at 76.35c against the normal trading price of 105c. The shares, which constitute 22% of the total shares in issue were sold by DBF Capital, who had announced their intentions to dispose of this stake a couple of years back. The shares are now being housed under a local asset manager. Zimre Holdings is a major shareholder in Fidelity with 66% shareholding.
In normal trades, turnover was at ZWG1.72 million after the sale of 876 000 shares. Foreigners sold ZWG1.05 million mostly in Econet against buys of ZWG201 111. Econet contributed the most to value and volume after 481 100 shares worth ZWG1.26 million exchanged hands. Total trades amounted to 156 with Delta the most active at 21 trades.
The Top 10 added 2.14% to 138.83. EcoCash rose 10.64% to 20.6537c in the wake of its February full year results where the group saw a recovery in its digital banking SBU due to increased US dollar transactions. CBZ was 9.65% higher to 805c.
The Medium Cap Index put on 1.46% to 117.49. ZB Financial Holdings was the day’s best performer putting on 15% to 322c. Last week, shareholder Nick Vingirai reiterated that shareholders should be aware that agreements of separation between Intermarket and ZB still exist as he continues to pursue the return of his assets. The board said it would take note of the submissions.
TSL rose 14.99% to 159.95c in the wake of its April results where the group saw improved performance from its logistics business.
Nampak, whose parent company in South Africa says it is not going to put it up for sale following a good financial performance, put on 13.30% to 51c.
Willdale shed 0.97% to 3.9611c following the release of its March half year results were the group reported an inflation-adjusted loss after tax after performance was weighed down by exchange losses. Sales volumes was, however, 3% up compared to the prior year despite challenges in the market. OK Zim dropped 0.71% to 52.84c, RioZim pared 0.08% to 63c and Ariston was 0.05% lower to 4c
Total turnover on the VFEX was at US$106 340 with fairly active trades at 76. Padenga led in volume and value after 349 683 shares worth US$59 271 traded.
Performance-wise, the All Share was up 0.34% to 103.04c. Simbisa led the risers with a 2.83% gain to 35.98 US cents and Natfoods advanced 2.33% to 153.5 US cents. Other marginal gains were seen in Seed Co International and Axia.
Edgars was the worst performer after losing 9.50% to 1.81 US cents ahead of its AGM tomorrow. Zimplow fell 6.32% to 1.78 US cents after its recent lukewarm trading update. Fractional losses were seen in Innscor, First Capital Bank and Padenga.-finx
