adminA book over is when the broker has both the buyer and the seller in his/her book.
The transaction, executed by Lynton-Edwards Stockbrokers, helped the week’s turnover propel to a record US$21,5 million.
The big trades, however, only managed to push the Delta’s price by US0,50c to US70c.
Analysts said investors like Delta’s business model, particularly the alcohol business, given that alcohol products have relatively inelastic demand.
“Essentially, Delta is able to transfer any increase in the cost of production to the consumer without suffering a significant drop in demand,” said a local securities firm.
Last year, National Foods Limited recorded the biggest deal after Tiger Brands of South Africa secured a 12,3 percent stake in the firm, paying 82,50 percent premium. A total of 8 021 779 shares went
through as a special bargain at US146c in a deal worth US$11,7 million while normal trades went through at US80c.
Natfoods, which is an associate company in the Innscor family, has only 64 004 108 shares listed, the bulk of which are controlled by Innscor and the South African food processing and packaging giant.
The deal lifted the day’s turnover to US$13 million up from US$1,1 million that was recorded the previous day while 15,9 million shares changed hands.
Meanwhile, shares on the ZSE ended last week in the positive, recording five straight gains, helping the mainstream index gain 1,57 percent, compared with the previous week.
Heavyweight counters continue to spur the equities despite heavy selling pressure on the market.
The resources index also managed to recover from previous week losses, picking up 2,17 percent, despite pressure to recapitalise all the four firms, which are now showing capital distress.
Aico Africa continued on the upside although in thin volumes as it added another US4c to US20c.
Mobile phone operator Econet lost a cent to US384c in trades worth US$20 000.
Apart from the outlying huge turnover performance of Delta, low turnover was a constant in the week.
All activity on the market is still being directed into the heavyweight counters with smaller capitalised counters receiving very little to no trades.
Meikles was US1,51c firmer at US19,01c and Old Mutual gained US1,33c to US130,33c.
Colcom, Radar and Seed Co inched up a cent each to trade at US31c, US16c and US116c in that order.
Other gains were recorded in Zimplow, Innscor and Hunyani.
However, PPC was down US20c to trade at US190c, Econet lost a cent to US384c and TA slipped US0,50c to US14c. M&R eased US0,40c to US9,10c.
The mining index lost 0,13 points 0,16 percent to close at 82,76 points as Falgold retreated US0,99c to US6,01c while Bindura was down US0,40c to settle at US3c.
On the upside, RioZim advanced US5c to US35c and Hwange was unchanged at previous levels.
Online Reporter