• Wed. Jun 12th, 2024

Gains hit momentum on ZSE

ByEconomic Times

Dec 22, 2022

…Gvt suspends new mining titles on selected minerals

By ETimes

The ministry of mines and mining development has ordered all provinces to suspend the issuance of mining titles for some minerals as a way to combat proliferation.

Given the proliferation of leakages of minerals, the ministry of mines has ordered its provincial offices to ensure frequent targeted inspections to prevent this practice and losses.

The ministry of mines has of late seen a flooding of applications for mining titles for minerals which have now been deemed strategic in the upcoming Mines and Minerals Amendment Bill.

It has thus become necessary that in the national interest we temporarily stop acceptance and processing of applications for mining titles for diamonds, copper, lithium, nickel and rare earth minerals until further notice,” said Pfungwa Kunaka the permanent secretary for mines wrote in a circular to all provincial heads.

The local bourse again on Wednesday extended its positive trading, as the All-Share Index advanced by 340.89 points or 2.11% to close at 16,479.40 against 16,138.51 points recorded on Tuesday.

As measured by market breadth, market sentiment was positive as 15 stocks gained relative to 6 laggards.

The Top 10 Index gained the most, up 2.82% to close at 9,998.77 points on Delta which rose 4.26% to end at $310.94.

Partially offsetting the gains was BAT which eased 0.07% to finish at $2796.94.

Willdale topped the gainers’ chart in percentage terms by 8.43% to close at $1.80. OK Zimbabwe followed with 5.50% to close at $32.68, while NMB went up by 4.63% to close at $35.00.

FML rose by 4.51% to close at $21.90.

As a result, the Medium Cap Index climbed up 0.82% to close at 34,459.96 points.

Conversely, FMP led the losers’ chart in percentage terms by 3.04% to close at $11.25. Proplastics recorded 0.08% loss to close at $25.10, while Afdis declined by 0.07% to close at $260.02.

Axia shed 0.05% to close at $100.31.

Mash Holdings topped the activity chart with 44.37 million shares valued at $665.53 million. Delta followed with 972,800 shares worth $302.49 million.

In all, the total volume of trades increased to 47.46 million shares valued $279.20 million exchanged in 238 deals. Market capitalisation stood at $1.69 trillion.

Old Mutual ZSE TOP 10 added $0.8831 to $6.9091. CASS Saddle Agriculture and Morgan & Co Made In Zimbabwe remained flat at $1.7500 and $1.1367 respectively. Datvest Modified Consumer Staples shed $0.0442 to $1.5521 and Morgan & Co Multi Sector declined by $0.9500 to $23.0000.

TIGERE Real Estate Investment Trust added $2.3019 to $38.0019.

Oil prices rose on Wednesday after data suggested a larger-than-expected draw in US crude stockpiles, but gains were capped by growing concerns over demand in China and a snowstorm that is expected to hit US travel.

Brent crude futures were up US$0.93, or 1,15%, at US$80.92 a barrel as the US West Texas Intermediate (WTI) crude futures gained US$0.08, or 1,05%, to US$77.03. Both contracts had risen by more than US$1 earlier in the session.

US crude inventories fell by about 3,1-million barrels in the week to December 16, said market sources, citing data from the American Petroleum Institute. Nine analysts polled by Reuters had forecast a drop of 1,7-million barrels.

Gold prices eased in a tight range on Wednesday as the US dollar firmed, though bullion was not far from a one-week high scaled in the previous session, as traders looked ahead to impending economic data later this week.

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Spot gold fell 0,3% to US$1 812.42 per ounce, after rising more than 1% on Tuesday on the back of a dip in the dollar. US gold futures eased 0,1% to US$1 823.20.

Spot silver fell 1,4% to US$23.84 per ounce, platinum dropped 1,2% to US$995.70, while palladium was down 1,8% to US$1 701.50.

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