Investor buys 11,7pc of Natfoods

buyer bought 11,7 percent of National Foods in a special bargain deal worth US$11,9 million.
The deal executed by top brokers, Imara Securities saw about eight million shares changing hands at a stable price of US146c.

National Foods has about 68,4 million ordinary shares in issues. A special bargain occurs when buyers on the stock exchange purchase a sizeable amount of shares at a special price agreed with the seller, the price would be at premium of the prevailing trading price.
The deal helped the market recover from a 14-day bloodbath as foreign buyers who have been net sellers are now on a buying spree.

Turnover for the week went up to US$17,8 million as the number of shares traded during the week also increased to 57,2 million shares.
Following Friday gains the main stream industrial index surged 0,25 percent due to gains in top capitalised companies to close the week at 143,79 points.
Despite the day’s gains the industrial index lost a cumulative 2,12 percent compared to the previous week.

Gains were recorded in mobile operator, Econet adding US3,99c to trade at US373,99 points and Delta also gained US1,50c to close at US67,50c after trading in the negative for almost a month.
Top foreign investors have got investments in Econet and Delta and each time they make a portfolio adjustment the entire market is affected.

Of late foreign investors are moving out of the market as evidenced by the sales in Econet and Delta and this has negatively affected the market.
Delta’s major shareholder, SABMiller last week announced that its Zimbabwean unit’s lager volumes grew by 30 percent in the half-year to September 2011.

The increase in volume was attributed to the firm’s massive capital investment in capacity upgrades.
The growth in Delta’s lager volumes spurred overall volume growth for global brewer and part shareholder SABmiller, which holds 36,9 percent of the local beverages firm.

Other gains were recorded in TA, which moved up a cent to settle at 16 cents. Afdis, Hippo and Old Mutual were up 0,50 cents each at 14,50 cents, US82,50c and US131c respectively.
The gains were partially offset by losses in BAT, which came off US5c to close at US170c with Barclays, Meikles and NicozDiamond down US0,50c each at US6 cents, US24,50c and US2,50c.

The mining index lost 2,14 points to end at 134,92 points after RioZim eased US5c to trade at US50c and Falgold retreated US0,30c to end the week at US7,20c while Bindura and Hwange were unchanged at US6,10c and US50c, respectively.

The index lost 3,43 points (2,48 percent) compared to week ending 14 October 2011.