After being down for 9 consecutive sessions, the Zimbabwe Stock Exchange managed to claw its way back into positive territory on the week’s opening as big caps led the rally.
Today’s performance comes as the Minister of Finance and Economic Development, Mthuli Ncube, delivered the much anticipated additional measures to stabilize the exchange rate and control inflation. In the presentation, Ncube touched on a number of developments, giving updates and appraisals of the government’s ongoing efforts to resolve the country’s economic issues.
Ncube hinted at the possibility of revising the growth forecast downwards in the midterm budget review next month.
“I have the growth forecast figure for 2022 but, as tradition, will announce the formal revision during the midterm budget review on the 28th of July 2022,” he said.
“Maybe suffice to say for now that we will announce a slightly lower growth rate than the 5.5%.”
The country is experiencing an economic and humanitarian crisis, which requires difficult policy choices and international support. The situation has also been made worse by the ongoing Ukraine-Russia conflict, which has resulted in the rise of commodity prices and imported inflation.
Meanwhile, 15 counters recorded gains at the end of trading on Monday, while 11 stocks recorded losses. The mainstream ZSE All Share Index closed at 21,282.53 points, reflecting a gain of 0.99% to close at 21,282.53 points and a year-to-date return of 96.65%.
Banking counter CBZ topped the gainers’ list as its share price rose by 14.65% to $163.94. This saw the Top 10 Index gain 0.75% to close at 13,277.37 points.
Partially offsetting the gains was Simbisa, which eased 0.13% to finish at $216.68.
The Medium Cap Index recovered 1.57% to close at 41,264.66 points. CFI, Axia and ZHL gained 12.12%, 10.39% and 9.21% to settle at $370.00, $132.41 and $5.46 respectively.
On the other hand, hotelier African Sun led the loser’s chart by 9.88% to close at $18.00. FMP followed with a decline of 2.55% to finish at $11.65 while Tanganda lost 0.41% to end at $228.00.
The Small Cap Index gained the most, gaining 1.98% to close at 508,966.93 points. Turnall added 13.89% to $4.57.
However, losses were recorded in Truworths, which lost 0.12% to $2.20 and completed the top 5 losers set.
On ETFs, the OM ZSE Top-10, Datvest and Morgan & Co Multi-Sector lost 1.55%, 0.23% and 0.03% to close at $10.4806, $1.9953 and $27.7707 in that order.
In the green was the Made in Zimbabwe ETF, which climbed 4.59% to end at $1.2343 – HARARE