adminthe market that has remained largely bearish.
Analysts say investors need to assess the direction of liquidity and country risk in the New Year since these variables are proving more significant in investment decisions than fundamentals of companies.
The equities market has been bearish from the time most companies were releasing their results for the half-year ended June 30, 2012.
During the period blue chips also managed increased dividend yields and this was expected to give impetus to the market.
Investing in companies paying high dividend yields is often viewed as the sensible approach to creating an investment portfolio.
In relative terms, Delta is one of the best dividend paying companies next to Econet, the best performing telecommunications company in the country.
Diversified firm Innscor turned over US$516 million for the half-year and profit after tax for the period was US$32,7 million.
The group declared a dividend of US1,2c. Innscor’s share price lost 17 percent since August this year.
Beverages maker Delta turned over US$254 million and profit after tax was at US$30 million.
After declaring a dividend of US0, 83c, representing a three times cover, which is 66 percent up on last year’s figure.
Delta failed to drive the market despite the group recording a 30 percent increase in beer volumes for the six months driven by strong demand and improving viability.
Analysts had focused the biggest company on the ZSE by market capitalisation to declare an interim dividend of about US0,96c.
Agricultural concern Hippo Valley Estates turned over US$70 million with profit after tax at US$13 million.
Despite all the fundamentals driven by a strong demand for its products, its share price took a 5 percent knock since August this year.
Econet has also put on negative pressure on the industrial index with less than expected performance in the year regardless of achieving strong earnings in its half year to August 2011.
Group revenues were US$290 million for the six months and its US11,8c dividend was the highest paid on the local bourse.
It paid spending about US$13 million paying dividends.
The company’s share price has been teetering during the past months, going back and forth between US360c and US420c.
Retail counter OK Zimbabwe’s value dropped 10 percent since August this year.
Turnover for the six months to June 2011 was US$185 million as profit after tax was just US$3,8 million.
Meanwhile, the mainstream industrial index fell 0,45 percent to close at 137,92 points weighed down by losses in CFI, TA and CBZ.
CFI led the shakers with a US3c loss at US6c, TA retreated US2,10c to settle at US13c and CBZ dropped US1,71c to close at US7,29c.
Movers included Old Mutual, which added US4c to close at US125c.
The local price for Old Mutual is on a recovery path having bottomed at 105c, as the group recovers on international markets following reports that the group intends to dispose its assets in the Nordic regions for a
net proceeds of US$2,1 billion.
Proceeds will be used to accelerate the reduction in the group borrowings and to return surplus capital arising from the transaction to shareholders.
Other gains were in Colcom adding US3c to US40c and Dairibord, Natfoods, Seed Co and Turnall, which moved up a cent to trade at US0,19c, US0,82c, US102c and US0,10c in that order.
The mining index recovered 2,25 percent to close at 79,81 points after RioZim put on US5,01c to settle at US35,01c as Bindura, Falgold and Hwange were unchanged at previous day’s levels.
Online Reporter