• Mon. Jul 22nd, 2024

Bloodbath continues on ZSE as OK Zim’s loss weighs


Jul 28, 2023

By ETimes

Stocks fell Friday amid lingering concerns over the tight liquidity of the Zimbabwe dollar.

It comes as the apex has lately instituted a tight monetary targeting framework to curb inflation, which analysts say has been driven by money supply growth.

The mainstream Zimbabwe Stock Exchange All Share Index depreciated by a negligible 0.24% to close at 116,748.92 points.

Conversely, market capitalisation firmed 1.15% to $9.27 trillion.

The Top 10 Index suffered the most, falling 0.49% to close at 52,904.70 points.

The Medium Cap Index added 0.19% to 443,922.54 points, while the Small Cap Index was 0.60% higher at 2,173,204.30 points.

A total of 3.81 million shares valued at $2.2 trillion were exchanged in 311 deals. Transactions in the shares of Delta topped the activity chart with 992,400 shares valued at $1.68 billion.

Delta’s revenue for the first quarter ended 30 June 2023 surged by 163% in inflation adjusted terms compared to a growth of 929% in historical cost terms. This was attributed to growth in volume.

“The revenue in US Dollar terms grew by 10% over prior year,” the group said in a trading update.

“The Zimbabwean entities continue to generate sufficient foreign currency through domestic sales with average collections of over 80%, which reflects the constrained ZW$ liquidity and trading challenges affecting formal sector outlets.”

Delta issued a cautious outlook.

“The operating environment in Zimbabwe will be impacted by the election season and the complex macro-econonmic factors,” it said.

Morgan & Co Made in Zimbabwe rose 10.01% to $6.4500.

In the red was Datvest Modified Consumer Staples ETF which eased 0.27% to $8.2800.

Other ETFs remained flat.

There was blood shed on the VFEX. Axia was the only gainer, up 0.19% to US$0.0523.

On the flip side, Bindura shed 6% to US$0.0141. Padenga fell 3.47% to US$0.1640.

Innscor Africa Limited was 3.25% lower at US$0.4036.

Simbisa depreciated by 2% to US$0.3326.

SeedCo International lost 0.74% to US$0.2516 – Harare

By ETimes

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