Old Mutual, Delta lead buyers on ZSE

FOREIGN investors accounted for 26 percent of trades on the Zimbabwe Stock Exchange (ZSE) and were marginal net buyers as they recorded net purchases of $0,3 million worth of shares during the week ended September 20.
Particular interest was in financial service firm Old Mutual Zimbabwe (Old Mutual) and the country’s largest beverage manufacturer, Delta Corporation.
According to ZSE figures, foreign purchases accounted for $9,3 million while sales amounted to $9 million during the week under review
Of the $9,3 million shares bought, Old Mutual accounted for $2,2 million while Delta recorded $1,6 purchases on their books.
Delta which is a perennial favourite with foreign buyers, recently announced that it will invest in excess of $20 million to construct a new Chibuku Super plant in Rusape to cater for increasing demand.
Pearson Gowero, the group’s chief executive, told The Financial Gazette then that total capital outlay for the plant is inclusive of both $RTGS and United States dollar components.
The company rebased its balance sheet from the United States (US) dollar to the RTGS dollar using the interbank market rate, even though this goes against the dictates of Statutory Instrument (IS) 33 of 2019.
Other counters to record positive net buying were Innscor $457 787, Padenga Holdings $318 592, Econet Wireless $167 991 and Simbisa $56 000.
Regional seed manufacturer Seed Co dominated the net sellers during the period under review with shares worth $3,9 million.
The other counters that were net sellers were Axia $403 828, British American Tobacco $150 158 and Cassave $132 819.
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