• Mon. Apr 15th, 2024

Market cap crosses $3 trillion mark, as investors gain $233.81bn in one day

ByEconomic Times

Feb 9, 2023

By ETimes

Equities climbed for the tenth consecutive day on Wednesday as the mainstream ZSE All Share Index enlarged by 7.57%, pushing the combined valuation of all the stocks listed on the exchange beyond $3 trillion.

Rather than diminishing on account of the tight monetary stance by the central bank, appetite for stocks has been waxing stronger.

Earnings releases for the full year will start trickling in the weeks ahead and hopes are low for improved results across sectors owing to power shortages.

Specifically, the ZSE All-Share Index rose 7,57% to 28,676.92 points, while market capitalisation advanced by $233.81 billion to $3.11 trillion (or US$3.74 billion using the official rate of US$1: ZWL831.81).

Market breadth closed on an upbeat note, with 18 gainers emerging against seven laggards.

The Top 10 Index climbed by 8.86% to 18,149.19 points. Delta topped the heavyweights in terms of price movement. The beverage maker gained 14,98% to close at $649,85. Transactions in the shares of Delta topped the activity chart with 1,229,500 shares valued at $798,996,200.

Econet followed with a gain of 14,97% to close at $190,05. For the nine months ended 30 November 2022, Econet’s voice and data volumes increased by 32% and 46% respectively, relative to the same period in the previous year.

“In order to improve quality of service, we plan to modernize the current core network to one that is virtualized in order to increase our ability to efficiently allocate network resources,” the company said in a trading update.

Revenue for the 9-month period rose 9% in inflation adjusted terms compared to the same period in the previous fiscal year.

“The growth was largely driven by voice and data volumes, which were however weighed down by tariffs which were below inflation.”

In its outlook, the company said network maintenance and expansion remain key to ensuring service delivery to its customers.
EcoCash added 13,82 percent to end trade at $61,41.

The Medium Cap Index was up 4.22% to close at 54,301.03. Nampak recorded the highest price gain of 15% to close at $17,25. African Sun followed with a gain 12,51% to close at $42,00 after news that it will de-list from the ZSE and immediately list on the US dollar denominated stock exchange, the Victoria Falls Stock Exchange.

SeedCo Limited was the biggest loser, falling 4,02% to $239.95. Proplastics shed 3,88% to end trade at $60,17. Willdale fell to $2,96, losing 0,87%. Starafrica slumped to $1,89, recording 0,45% depreciation. Afdis closed at $260,26, going down by 0,24%.

The Small Cap Index recovered 0.61% to close at 511,966.43 points.

Market turnover rose 30,75% to $1.78 billion in 333 deals. Innscor traded 723,800 shares worth $588.29 million.

OML ETF gained 4,52% to close at $8,3327.

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On the other hand, the Datvest ETF shed 0,33 percent to finish at $1,5680, while the Morgan & Co Made In Zim ETF fell 0,81 percent to close at $1,2908.

Cass Saddle Agriculture ETF remained unchanged at 2,2500. Morgan & Co Made Multi Sector ETF was flat at $25,0000.

Tigere REIT remained flat at $50.6200 – Harare

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