• Wed. Jun 12th, 2024

Losses cap tough trading week on ZSE

ByEconomic Times

Nov 12, 2022

By ETimes

The stock market has now fallen for seven straight days as investors dump equities despite a spate of impressive earnings and dividend announcements from listed companies.

As measured by market breadth, market sentiment was negative, as nine counters lost relative to eight gainers. As stocks slid into losses, investors are left with very limited choices of where to invest their money.

The mainstream ZSE All Share Index was off 0,46 percent to close at 14 466.17 points. Similarly, the market capitalisation declined 0,53 percent to $1,77 trillion.

Axia led the losers’ chart by 5,54 percent to close at $70.00. Econet eased 1,32 percent to settle at $80.38. Simbisa and Delta fell 0,94 percent and 0,72 percent to end at $227.66 and $212.04 respectively. This saw the Top 10 Index fall by 0,71 percent to close at 8 308.22 points.

Conversely, Ecocash put on 0,13 percent to close at $38.50.

Banking counter NMBZ dominated the gainers’ chart with 2,45 percent to $25.00. Retailer OK Zimbabwe followed with a gain of 0,72 percent to close at $29.89. Starafrica gained 0,69 percent to close at $1.89. Milk processor Dairibord added 0,10 percent to close at $49.75.

On the other hand, horticulture exporter Ariston fell 1,41 percent to $3.94.

Market turnover declined by 53,55 percent to $235.36 million. Transactions in the shares of Innscor topped the activity chart with 371 400 shares valued at $121,67 million.

There were no trades at VFEX.

The Morgan & Co Made in Zim ETF gained 7,14 percent to end at $1.2000. The Datvest ETF fell 4,53 percent to $1.5900, while the Morgan & Co Multi Sector ETF fell 4,65 percent to $20.9756.

Gold prices eased on Friday, but were set for their biggest weekly gain in more than eight months, as US data pointing to slowing inflation boosted hopes that the Federal Reserve would slow its aggressive rate hikes.

Spot gold was down 0,2 percent at US$1 752.17 per ounce, as prices have risen 4,2 percent so far in the week.

US gold futures were little changed at US$1 754.30.

Spot silver fell 0,2 percent to US$21.62 per ounce, but was poised for its second straight weekly rise.

Platinum rose 0,5 percent to US$1 036.84 per ounce, heading for its biggest weekly gain since February 2021. Palladium slipped 0,5 percent to US$1 954.50.

Oil prices picked up on Friday after a milder than expected US inflation data reinforced hopes that the Federal Reserve will slow down rate hikes, boosting chances of a soft landing for the world’s biggest economy.

Prices were still set to show a decline for the week after Covid-19 cases in top oil importer China jumped, raising fears of weaker fuel demand.

Brent crude futures rose US21c, or 0,2 percent, to US$93.88 a barrel extending a 1,1 percent rise in the previous session.

US West Texas Intermediate (WTI) crude futures gained US22c, or 0,3 percent, to US$86.69 a barrel, after climbing 0,8 percent in the previous session – Harare


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