• Fri. Apr 19th, 2024

Delayed MPS hurts stocks as investors book $1.09 trillion loss

By ETimes

HARARE – The failure of policymakers to announce the 2024 Monetary Policy Statement (MPS) which was expected to be released last month, is weighing on the country’s stock market and has made investors develop some form of scepticism towards the local bourse.
When asked today during a question-and-answer session in parliament about the measures authorities are taking to stabilise the local unit, Finance deputy minister David Mnangagwa said: “The MPS will be announced in a few weeks’ time and will contain corrective measures aimed at addressing currency challenges. But we are doing some stakeholder engagements before it comes out”.

At the close of Wednesday session, the ZSE All Share Index lost 2.05% to close at 508,171.16 pints.
Market capitalisation stood at $40 trillion after losing $1.09 trillion.
The Top 10 Index was down 2.54% to close at 225,747.61 points.
Econet topped the losers’ table, declining by 14.65% to close at $1,653.93. EcoCash eased 3.55% to $622.08.
The Medium Cap Index depreciated by 0.37% to 2,097,699.97 points. NMBZ fell by 1.72% to $2,850.00 after saying it is involved in negotiations for a potential acquisition of a complementary business, which, if successfully concluded, may have a material effect on the price of the company’s securities.
The Small Cap Index was flat at 12,626,424.35 points.

Market turnover increased by 307.87 percent to $7.31 billion.
Old Mutual Top 10 ETF eased $1.0857 to close at $79.9485 while Cass Saddle Agriculture ETF, Morgan & Co Made In Zimbabwe and Morgan & Co Multi Sector ETF remained flat at $8.5000, $19.5000 and $701.5000.
Datvest Modified Consumer Staples ETF added $0.1904 to $19.6904.
Revitus Property Opportunities was flat at $552.1053 while Tigere Real Estate Investment Trust retreated by $0.8684 to close at $631.1816.
On the VFEX, First Capital Bank gained the most, up 5% to US$0.0210. Simbisa was 1.30% higher at US$0.3495. SeedCo International appreciated by 0.32% to US$0.2809. Zimplow added 0.28% to US$0.0351.
On the other hand, Padenga led the losers’ chart in percentage terms by 13.04% to close at US$0.1300.
African Sun followed with 6.25% to close at US$0.0300, while Innscor Africa Limited dropped by 1.11% to close at US$0.4450. Axia eased 0.22% to US$0.0888.

By ETimes

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