adminActivity on the bourse improved on Tuesday as daily turnover breached the US$1 million mark for the first time in the new year at US$1,6 million.
Driving the much-improved turnover performance were two special bargain trades in Hippo and Padenga, whose combined contribution to daily turnover stood at 55 percent.
Gains were recorded in dual-listed insurance giant Old Mutual, picking up US3,99c to settle at US129c. TA was US2,50c firmer at US14,50c and the top performer for 2011, Fidelity pushed up US1,29c to US18,30c.
The price is rallying towards the US20c mark. Market watchers had projected the price to close last year at US22c.
Transport firm Pioneer was a cent solid at US7c and Afre rose US0,50c to US3,50c and Meikles inched US0,40c to US15,50c. The group is yet to come up with a recapitalisation strategy – the business is yet to raise capital since dollarisation in 2009.
The resources index was on the rebound 4,92 percent to close at 82,89 points as coal miner Hwange was US2c solid at US30c.
Bindura, Falgold and RioZim were unchanged at previous levels.
In 2011, RioZim, which is dominantly a gold producer, failed to fully take advantage of the firm global prices in the commodity due to undercapitalisation while Bindura remained under care and maintenance.
These poor fundamentals should continue to drag down the index in 2012. Gains were offset by losses in ABCH which tumbled US4,79c to trade at US75c, M&R eased US0,50c to US9, 50c while starafrica was US0,18c
weaker at US0, 92c.
Beverages maker Delta led the contribution to turnover, receiving trades worth US$371 000 of the day’s turnover.
The company remains the biggest on the ZSE by market capitalisation and one of the fundamentally strong businesses
Delta is set to fully take advantage of the increasing disposable incomes in the economy, as its operating capacities are now way above other manufacturers.
Expected packaging capacity for full year 2012 for lager beer is 95 percent while sparkling beverages and sorghum beer will be at 80 percent and 70 percent respectively.
The value of trades at US$1 569 571 was slightly lower than the US$1,6 million invested yesterday and a total 1 969 056 CBZ shares changed hands at US11,24c up from US11c the previous day.
Online Reporter