Equities hit all-time high on ZSE

EQUITIES on the Zimbabwe Stock Exchange hit an all-time high last Friday, helped by gains in blue chips while Delta Corporation ended at another record high after releasing impressive earnings.

The industrial index hit a new record high of 210,29 points, after advancing 1,7 percent while the mining index rose 0,96 percent to 75,56 points on gains in Hwange Colliery Company and RioZim Ltd.

Market revenue came in at US$8 million, the highest since January, from 11,52 million shares, largely driven by value traded in Innscor Africa Ltd at US$6,4 million and Econet Wireless at US$983 548.

Delta gained US6,91c to US143,01c. Delta, the largest company in value terms, rose 39 percent during the 12 months ending March 2013, driven by strong sales of lagers and non-alcoholic beverages.

Profit after-tax rose to US$104 million from US$72 million a year earlier, substantially higher than average analyst earnings expectations. Earnings per share rose to US8,49c from US6,22c a year ago.

A final dividend of US2,23c per share was declared, bringing the total for the year to US3,40c.

British American Tobacco rose 1,25 percent to US10c to another all-time high of US810c. CFI Holdings advanced 4 percent at US5,2c. Other shares to close in the green were Afre Corporation, Astra Ltd and TA Holdings which gained US0,70c, US0,10c and US0,50c each to US13c, US5c and US10c.

Turnall Holdings jumped 11,11 percent to US5c while Fidelity Life recovered US1c to 12c. OK Zimbabwe was up US0,99c to reach all-time high of US29c. Hwange rose 6,67 percent to US16c while RioZim gained 6,3 percent to US50c. Bindura Nickel Corporation dropped US0,03c to US2,90c.

Econet closed the day as one of the top five losers after dropping US1,02c or 1,44 percent to US70c. Aico Africa Ltd fell 11,11 percent to US8c. The recapitalisation of the company is under threat amid revelations that major shareholders are differing on strategic issues.

The major shareholders hold different positions on which strategy should take precedence between unbundling the group and recapitalising the entity. NSSA and Old Mutual are the majority shareholders.

Star Africa was down 5,8 percent to US0,60c. Old Mutual fell 0,83 percent to US240c. Edgars was unchanged at US12,2c after reports that global electronics manufacturer LG Electronics has partnered with the company in distributing its products.