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    Market cap hits $1.56 trillion as RBZ releases 2022 MPS

    The Reserve Bank of Zimbabwe (RBZ), today released its 2022 monetary policy, in which various foreign currency measures have been announced.

    Hotels and tour operators have been given the greenlight to retain 100 percent of their foreign currency earnings, with cotton and tobacco farmers will be retaining 75 percent of their foreign currency starting this coming season.

    The famous US$50 from bureau de change’s facility has been stopped for the general public, leaving it for the elderly, the disabled and those in dire need of medical assistance.

    The market kicked off trading this week on a bullish note with market capitalisation rising to ZWL$1.56 trillion on investors’ demand for retail and consumer stocks.

    The mainstream All Share Index rose 1.27% to 12,688.57 points, with a year to date return of 17.24%.

    At the close of transactions, a total of 20 stocks were on the gainer’s chart, while 12 equities were on the loser’s log, with Zimpapers on top after it went down by 13.9% to ZWL$2.39. Gains in Cassava and Simbisa saw the Top 10 Index rising 1.40% to 8,316.48 points.

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    Fintech giant Cassava was up 6.26% to ZWL$59.52 with Simbisa gaining 4.53% to ZWL$141.62.

    Newly listed Tanganda inched 6.33% higher to ZWL$63.90 as Axia led the overall risers with 10.53% gain to ZWL$55.26.

    The Medium Cap Index recovered 0.72% to 21,590.57 points. On the other hand, hospitality group RTG was off 4.93% to ZWL$7.00, FML eased 3.94% to ZWL$20.58 as Proplastics lost 3.7% to ZWL$26.00. Clothing retailer Edgars was 2.31% lower to ZWL$4.30.

    Bucking the trend was GB Holdings which added 5.92% to ZWL$1.90.

    During the session, investors traded 5.94 million shares worth ZWL$382.09 million in 478 deals. Innscor was the most traded stock with 457 300 shares worth ZWL$103.98 million.

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