…as stock market begins week positive
By ETimes
Equities trading at the Zimbabwe Stock Exchange (ZSE) opened the week on a positive note, extending gains from the previous session as the All-Share Index closed 8.79% stronger to close at 54,058.72 points.
This comes as the country launches a digitally backed currency. Analysts say it is an interesting move that should theoretically deliver a liquid inflation hedging asset for the investing public, which would be a positive as the ZWL remains unstable.
“The reception will depend on the execution of the initiative. If the RBZ can create a secure and accessible trading platform for the tokens, they could be an attractive option, moreso considering the weak performance of the ZSE and the migration of blue chips to the VFEX,” Economist Yona Banda said.
As measured by market breadth, market sentiment was positive, as 24 stocks gained relative to 2 laggards.
On the performance chart, RioZim recorded the highest price gain of 15%, to close at $230.00. Delta and First Capital Bank gained 14.99% apiece to close at $1,123.30 and $41.59 respectively. Meikles followed with a gain of 14.92% to end at $561.05. Afdis added 14.89% to close at $563.00.
Starafrica led the losers’ chart by 0.69% to close at $2.28. Willdale followed with a decline of 0.48% to close at $3.98.
The Top 10 Index went up 10.22% to 32,561.63 points while the Medium Cap Index jumped 4.47% to close at 103,771.89 points.
The Small Cap Index was up a marginal 0.01% to settle at 745,652.79 points.
Market capitalisation increased by 8.23% to $4.5 trillion.
Accordingly, market turnover declined 84,96% to $221.7 million. Starafrica led the volume chart with 700 900 units, while Econet topped the value chart with deals worth $111.2 million.
Morgan & Co Multi Sector ETF added $1.8308 to close at $31.3308, Old Mutual ZSE Top 10 increased by $0.0463 to $9.5987 and Datvest Modified Consumer Staples ETF remained flat at $2.5000.
Morgan & Co Made In Zimbabwe ETF lost $0.1424 to $1.9545 while Cass Saddle Agriculture ETF was $0.0211 down at $2.0789.
Tigere REIT added $0.1446 to close at $50.4646.
On the VFEX, there were no gainers today. SeedCo International was the worst performer, down 6.66% to end at US$0.2800. Innscor Africa Limited eased 3.68% to close at US$0.5274. Padenga, which postponed its analyst briefing recently, fell 1.36% to US$0.1877.
African Sun was off 0.99% to close at US$0.0798 while Simbisa shed 0.41% to US$0.3800 – Harare