• Tue. Jul 16th, 2024

Equities reverse losses, investors gain $201.88 billion

ByETimes

Oct 11, 2023

By ETimes

HARARE – The Zimbabwe Stock Exchange (ZSE) ended higher on Friday, reversing some of the losses of the previous day’s session as the mainstream index appreciated 2.01% to close at 131,311.22 points.

Today’s performance comes as George Guvamatanga is appointed permanent secretary for the ministry of finance, economic development and investment promotion.

Surprisingly, former finance ministry spokesperson Clive Mpambela was appointed the new permanent secretary for veterans of the liberation struggle affairs.

However, as measured by market breadth, market sentiment was positive, as 15 tickers gained relative to 7 losers.

Equities investors therefore gained $201.88 billion from their overall investment as market capitalization settled lower at $10.21 trillion by the end of the day’s trading activities.

The Top 10 Index jumped 2.79% to close at 58,887.93 points. This comes as retail giant OK Zimbabwe misses out in the latest Top 10 Index for the fourth quarter of 2023, which is constituted by British American Tobacco Zimbabwe Limited, CBZ Holdings Limited, Delta Corporation Limited, Econet Wireless Zimbabwe Limited, Ecocash Holdings Zimbabwe Limited, FBC Holdings Limited, Hippo Valley Estates Limited, Rainbow Tourism Group, Seedco Limited and Tanganda Tea Company Limited.

Accordingly, the Medium Cap Index added 0.54% to close at 516,621.42 points.

The Small Cap Index was flat at 2,837,594.59 points.

In its third quarter report, local research firm FBC Securities expressed concern about the stability of the Zimbabwe dollar owing to the anticipated increased spending.

“Pressure on the local currency remains elevated, however, particularly as the second half of the year generally coincides with high fiscal spending to support the main summer agricultural cropping season and bonus season,” reads the report.

Also, the predicted El Nino phenomenon in the current season is expected to add pressure on fiscal authorities.

By ETimes

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