• Tue. Jul 16th, 2024

Mid Caps power ZSE to gains on Monday

ByEconomic Times

Oct 18, 2022

By ETimes

Gains in Simbisa and Econet saw Zimbabwe Stock Exchange shares open the week in positive territory albeit marginally.

The ZSE All-Share Index which has a year-to-date gain of 27,81% gained by 5.84% last week as there were 26 gainers against 14 in the red.

Market turnover for the previous week was up by 61,20% to S3,8 billion from to $2,4 billion, led by FBC $1,06 billion, Econet $871 million, EcoCash $403 million, Delta $230 million and Innscor $227 million. On the ETFs section, Cass Saddle Agric was the biggest gainer, after rising by 10,80% from $1.81 to $2.00.

On the VFEX, Padenga was up by 0,03% to close at US$33.95c while SeedCo International was down by 4,88% to close at US$38.00c. Bindura and Caledonia were unchanged at US$3.00 cents and US$1.30 respectively.

Gold prices rose on Monday after declining more than 1% in the previous session, as a pause in the dollar rally alleviated some pressure from the greenback-priced bullion, though looming US rate hikes restricted further gains.

Spot gold rose 0.4% to US$1 648.91 per ounce, as the metal posted its biggest weekly decline since July last week.

US gold futures were up 0,4% at US$1 655.30 per ounce.

Spot silver rose 0,7% to US$18.39 per ounce, platinum was 0,3% higher at US$901.67 per ounce and palladium gained 1,7% to US$2 022.60 per ounce.

Oil prices also rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world’s top crude importer.

Brent crude futures rose US$66c, or 0,7%, to US$92.29 a barrel, recovering from a 6,4% fall last week. US West Texas Intermediate crude was at US$86.17 a barrel, up US$56c, or 0,6%, after a 7,6% decline last week.

China’s central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday.

At Monday’s close, the ZSE All Share Index was 0.47% up to 13,897.26 pints and the Top 10 was 0.49% higher to 8,262.25 points. On the heavyweights, Simbisa rose the most, gaining 5% to close at $180.00 taking its market cap to $101.19 billion. Telecoms giant Econet added 3.35% to end at $89.81 and left its year-to-date gain at 5.66%.

There were losses in Delta, which was the most traded counter, depreciating by 1.19% to close at $224.24.

ZBFH led the day’s risers after gaining 14.99% to close at $80.50. Milk processor Dairibord rose 9.20% to close at $32.00. TSL was 3.96% higher to $38.77. The Medium Cap Index was up 0.44% to close at 30,044.06 points.

Nampak topped the losers’ chart, declining by 5.86% to end at $8.90. Construction firm Masimba eased 2.57% to $70.80. First Capital Bank fell 1.62% to $9.53.

Gold miner RioZim lost 1.52% to $130.00.

The Small Cap Index recovered 0.01% to close at 493,318.53 points.

Turnover rose 23.35% to $151.06 million. Market capitalisation increased 0.57% to $1.71 trillion.

In the derivatives market, the Datvest Modified Consumer Staples ETF gained 0.66% to $1.7215 while the OM ZSE Top-10 ETF rose 0.49% to $5.2335.

On the flip side, the Morgan & Co Made in Zimbabwe lost 2.72% to $1.1674. Other ETFS were virtually flat – Harare

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