• Mon. Apr 15th, 2024

Official exchange rate weakens as equities record fourth consecutive loss

ByEconomic Times

Oct 5, 2022

By ETimes

The Zimbabwe Stock Exchange (ZSE) fell 2.10% on Tuesday, the fourth consecutive session, as shares continued to lack stimulus for a positive pull.

This is already making some investors trim their portfolios, while those who entered the market when prices hit their peaks are getting agitated.

The ZSE index constituents for the fourth quarter of 2022 are now out and effective. But the most interesting thing to note is that CFI replaced AXIA in the TOP 10 Index.

At close, losses in Ecocash, down 8.14% to $51.44, saw the Top 10 Index drop 3.18% to 8,821.54 points.

Cement maker Lafarge topped the gainers’ table as it rose 14.86% to close at $113.70; FML added 14.29% to $24.00; RTG gained 14.07% to $7.85, Dairibord climbed 10.09% to $25.27; and Meikles appreciated by 8.70% to $108.69. As a result, the Medium Cap Index recovered 0.67% to close at 29,193.61 points.

Losses were recorded in NMB, Afdis and Tanganda, which eased 9.22%, 8.08% and 5.87% to close at $18.11, $275.77 and $80.00 respectively.

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The Small Cap Index was off 2.02% to settle at 488,434.05 points. Turnall was the worst performing stock on Tuesday, depreciating by 12.76% to close at $3.31.

Turnover increased by 57.27% to $286.68 million. Simbisa ended the session as the most active stock, selling 440,900 shares worth $70,610,335 and was trailed by Delta, which exchanged 276,500 shares valued at $66,003,355.

The market cap fell by $42 billion to $1.77 trillion.

In the derivatives market, the Datvest ETF gained 2.90% to close at $1.7500. Other ETFs were flat.

In the most recent weekly foreign exchange auction, which took place on Tuesday, the Zimbabwe dollar fell 0.74% against the US dollar, continuing its downward trend. Last Tuesday’s auctions saw the local currency trading at 621.5321 to 1 US dollar, while this week it fell to 626.1893 to 1 US dollar. It does, however, continue to close the gap with the alternative rate.On the black market, the ZWL$ is trading at 750x to the US dollar – Harare

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