• Mon. Sep 25th, 2023

Inflation subsides as ZSE gains on Monday

ByEconomic Times

Nov 30, 2022

By ETimes



The Zimbabwe Stock Exchange extended gains for the fifth consecutive session as the country’s month on month and annual inflation cooled down in the month of November, with food inflation accounting for the biggest drop.

The Zimbabwe Statistics Agency (ZIMSTAT) said the month-on-month inflation rate in November 2022 was 1,8 percent shedding 1,4 percentage points on the October 2022 rate of 3,2 percent. This means that prices, as measured by the all items CPI, increased by an average rate of 1,8 percent from October 2022 to November 2022.

 This is the fourth consecutive month that the monthly inflation rate has been on a downward trend, and the Treasury projects it to close December below the 3 percent mark.

“The month-on-month Food and Non-Alcoholic Beverages inflation rate stood at 0,9 percent in November 2022, shedding 2,2 percentage points on the October 2022 rate of 3,1 percent. The month-on-month non-food inflation rate stood at 2,6 percent, shedding 0,6 percentage points on the October 2022 rate of 3,2 percent,” Zimstat said.

According to ZimStats on a year-to-year basis, inflation slowed to 255 percent in November from 268.8 percent in October and 280.4 percent in September.

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The most recent figures were compiled from November 10 to November 16, 2022.

At the close of trading, the mainstream ZSE All Share Index gained 0.12% to close at 14,238.86 points. In the same vein, the market capitalization increased by $3.24 billion to $1.71 trillion.

The Top 10 Index was up 0.94% to settle at 8,282.37 points on Delta, which rose 3.59% to $228.23.

SeedCo Limited topped the losers’ table, declining by 14.94% to $71.15. African Sun shrank by 14.65% to end at $21.33. ZHL fell to $4.41, losing 13.58%. Starafrica dipped to $1.39, recording a 10.96% loss. As a result, the Medium Cap Index retreated 1.48% to close at 32,356.81 points.

On the other hand, Mash Holdings led gainers, growing by 14.58% to $15.48. First Capital Bank rose 4.78% to $9.43. Proplastics gained 4.31% to $26.07.

The Small Cap Index lost 3.30% to close at 469,108.15 points. Willdale’s stock dropped 14.93% to $1.95.

On the flip side, GB Holdings added 5.88% to $1.80.

Market turnover declined by 68.52% to $66.13 million – Harare

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