• Mon. Apr 15th, 2024

Equities fall for second straight day

ByETimes

Aug 9, 2023

By ETimes

The Zimbabwe Stock Exchange (ZSE) depreciated for the second consecutive day on Tuesday as the mainstream index dipped by 0.24%.

The ZSE All Share Index lost 288.62 points to end at 121,953.93 points.

Exchange rate fluctuations and currency difficulties continue to be one of the primary topics of discussion in the market.

While authorities are pushing for a reduction in prices, the situation will be difficult for businesses that are still nursing the wounds of the exchange rate losses experienced in April, May and June of this year.

“The introduction of new measures and refinement of the auction system by the apex bank and MOF have contributed to the positive steps in terms of currency issues, however we are of the view that the solution is a short-term measure as the source of funds to finance the forex demand has not been fully disclosed,” EFE Securities stated in its latest report.

“In the short to long term the monetary and fiscal authorities needs to be consistent and develop policies that can contain inflation and exchange rate so that market players can develop a savings culture that can help propel the economy forward.”

Market breadth closed at par with 10 gainers and 10 losers.

Accordingly, the Top 10 Index depreciated by 0.42% to close at 57,445.22 points.

The Small Cap Index and Medium Cap Index recorded gains of 0.04% and 0.12% to close at 2,294,671.02 points and 433,268.64 points respectively.

Market turnover declined 67.81% to $1.19 billion.

Investors’ wealth on the local bourse rose 1.11% to $9.66 trillion.

Old Mutual ZSE Top 10 ETF lost $0.5000 to close at $23.5000.

Cass Saddle Agriculture ETF, Datvest Modified Consumer Staples ETF, Morgan & Co Made In Zimbabwe ETF and Morgan & Co Multisector ETF remained flat at $6.3100, $7.4631, $5.0200 and $167.4500 respectively.

Tigere REIT was $4.2833 up at $204.3333 – Harare

By ETimes

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