…as Van Hoog whittles down Meikles shareholding
HARARE – Long-time investor Nick Van Hoogstraten whittled down his Meikles shareholding on Thursday as Zimbabwe Stock Exchange shares rose strongly to record highs again on across-the-board buoyancy.
Meikles led the turnover contributions at $103.54 million after 3.63 million shares, constituting 1.4% exchanged hands. Total turnover was at $112.95 million as mostly funds took positions as is common at the start of the year.
Activity levels rose past the 280 average to 345. Foreign investors sold $112.95 million and bought $384 830.
The foreign disposal was mainly the Meikles shares amounting to $95.53 million held through investment vehicles linked to Van Hoogstraten. The shares were picked by various pension funds through a local fund manager.
On wider performance, the All Share Index registered its biggest single gain this year after rising 7.44% to 2 975.24 in a session which only yielded five losers against 26 risers.
Heavyweights provided the most uplift with the associated Index rising 7.60% to 1 877.55. Of the ten most capitalized stocks on the exchange only two did not record gains as they remained unchanged. Delta added 15.34% to 3 051.57c in the wake of its trading update for the third quarter to December which showed a significant increase in volumes.
The group said it is seeing foreign currency sales of US$15-US$20 million a month and is sitting on nostro balances of US$8 million. Its legacy debt now stands at a gross amount of US$30 million.
In just three weeks of trading, the counter has a cumulative gain of 34.13%.
Retail giant OK was up 14.32% to 1 143.24c on anticipation that it also enjoyed a buoyant Christmas period and Padenga was up 11.36% to 2 117.36c.
Tech giants Econet and Cassava also had a great session of gains as the stocks added 6.22% and 7.86% to 927.44c and 707.37c respectively. Banking stock CBZ saw gains of 6.75% to 9 607.80c with other gains coming from Innscor and Hippo. The top ten firms are now valued at $238.9 billion against total market value of $357.1 billion.
The Medium Cap Index was up 7.30% to 6 286.00 after Proplastics gained 19.91% to 1 325c. RioZim put on 19.87% to 1 294.62c as TSL was up 19.79% to 2 300c. Dawn gained 18.32% to 56.37c ahead of the release of its delisting road map next week.
Seed Co, which is also set for delisting, was up 18.19% to 3 333.33c. Its incorporation into Seed Co International is expected to bring liquidity into the counter’s trading both on the Botswana and Victoria Falls Stock Exchanges.
There were however losses in Art, which was the worst performer after shedding 4.81% to 380.03c, Star Africa was down 1.66% to 27.91 as Ariston and Mashonaland Holdings registered marginal losses on the day.
On the ETF market, the Old Mutual TOP 10 fund saw 14 trades valued at $581 708.60 from 528 826 units traded. This led to a gain of 10% to 110.00c.-Financial Express.
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