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