• Sun. May 26th, 2024

Stock market opens new week on a positive note

ByEconomic Times

May 30, 2023

By ETimes

The market opened the week in the green buoyed by gains in 14 counters which outweighed losses in 4 counters in today’s session. This saw the ZSE All Share index gaining 3.52% to close the session at 99,230.53. The Top 10 and Top 15 indexes also added 3.73% and 3.88% to close at 60,847.16 and 70,639.60 respectively.

This comes after the finance minister was seen last week visiting supermarkets in Bulawayo trying to find out why commodity prices are rising. The Minister and monetary authorities are grappling with the astronomical loss of value of the local currency which has reached a rate of c1:3500 on the parallel market whilst the formal market rate is c1:1965.

Leading the top 5 risers’ pack was Zimre Holdings which rose by 15% to close at $23.00, trailed by state media firm, Zimpapers and TSL which both added an identical 14.9% to close at $9.97 and $277.70 respectively. Agric seed manufacturer, Seedco Ltd went up by 14.55% to close at $741.84. Hospitality stock, Meikles sealed the top 5 risers pack after it rose by 14.34% to close at $1143.16.

Today’s session had 4 stocks in the red, with Edgars leading the downside after shedding 10.71% to close at $50.00. Financial services provider, NMB trailed after losing 8.08% to close at $100. Zimplow went down by 0.76% to close at $85.00. Ariston lost a marginal 0.001% to close the session at $15.75 – Harare

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