• Mon. Jul 22nd, 2024

Inflation dips again and ZSE extends gains

ByEconomic Times

Oct 25, 2022

By ETimes

The Zimbabwe Statistics Agency (ZIMSTAT) said the country’s month – on – month and annual inflation cooled down in the month of October despite an increase in food inflation prices.

Month-on-month inflation rate in October 2022 was 3,2 percent shedding 0,3 percentage points on the September 2022 rate of 3,5 percent. This means that prices as measured by the all items CPI increased by an average rate of 3,2 percent from September 2022 to October 2022.

This is the fourth consecutive month that the monthly inflation rate has been on a downward trend and Treasury wants it to close the year even lower at 3 percent.

According to ZimStats on a year to year basis, inflation slowed to 268,8 percent in October from 280,4 percent in September and 285 percent in August.

The data for the latest figures was collected from 11 to 17 October 2022.

Finance Minister Prof. Mthuli Ncube expects annual inflation to average 166,7 percent this year, and hopes to contain monthly inflation to 3 percent by year-end.

The market continued on a positive note with the ZSE All Share Index increasing by 0,63 percent to close at 14 645 points.

The gains were driven by the largest company on the bourse by value, Delta, which added $3.92 to $230.19. Medium cap firm AXIA went up by $3.26 to $64.64 and Simbisa which has given its shareholders a memorandum on its delisting on the ZSE and its subsequent listing on the VFEX gained $2.15 to close the day at $227.21.

Hoteiler AfSun increased its share price by $2.10 to $23.78 whilst horticultural exporter Tanganda traded $1.99 higher at $84.00 in the session.

Losses for the day were recorded in Lafarge Cement which is trading under a cautionary statement saw its share price decrease by $4.00 to $120.00. Telecoms giant Econet lost $2.14 to close at $84.63 whilst Mashonaland Holdings traded $0.40 lower at $7.50.

Cigarette manufacturer BAT share price slumped by $0.36 to $2 995.98 whilst OK ZIMBABWE shed $0.12 to $32.85.

On the derivatives market, Old Mutual ZSE Top 10 ETF gained $0.07 to $5.50 and Datvest Modified Consumer Staples ETF also went up by a marginal $0.01 to $1.71.

Morgan & Co Multi Sector ETF lost $0.65 to $21.35, as the Cass Saddle Agriculture ETF decreased by $0.20 to end the session at $1.87 whilst Morgan & Co Made in Zimbabwe ETF went down by $0.04 to $1.06 – Harare

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