• Mon. Jul 22nd, 2024

Stock market records marginal gain for second day

ByETimes

Jan 10, 2024

By ETimes

At the close of stock trading on the Zimbabwe Stock Exchange (ZSE) Tuesday, the market’s benchmark performance indicators rose marginally by 0.76% driven by strong gains by a few stocks.

Market breadth was positive as investor sentiment was very strong, with 11 price gainers compared with the 5 losers.

The ZSE All Share Index gained 1,950.73 points to close at 257,680.91 points.

Market capitalisation surged by 0.92% to close at $20,7 trillion.

Reacting to market performance and outlook, analysts stated, “Pullbacks are creating buying opportunities amidst the economic reforms of the government, just as more policy pronouncements and economic managers hit the ground running, a situation expected to offer investment direction eventually.”

Treasury has fine-tuned some of the measures introduced through the 2024 National Budget, with basic food items such as bread, milk, cooking oil, and maize meal exempted from value-added tax.

On the 5% withholding tax, some say it could have both negative and positive outcomes.

“Positives relate to the possibility of increased tax revenue, formalisation of some informal businesses as they opt to register for tax, and reduced tax evasion. The negatives relate to the increased costs and administrative burden for manufacturers, who bear the responsibility to withhold and remit the tax,” a tax expert said.

“It can also lead to a reduction in sales. It can increase the administrative burden for ZIMRA. It can create opportunities for corruption.”

At close, the Top 10 Index was up 0.65% to end at 115,331.78 points.

The Medium Cap Index recovered 0.21% to settle at 991,058.88 points.

However, the Small Cap Index was flat at 5,482,815.60 points.

Market turnover increased by 86.72% to $2.36 billion. Econet drove the turnover volume, accounting for 1.19 million shares valued at $1.26 billion.

Cass Saddle Agriculture ETF shed $0.8995 to $5.5605.

Old Mutual Top 10 ETF eased $0.0338 to $43.0000.

Datvest Modified Consumer Staples ETF, Morgan & Co Multisector ETF, Morgan & Co Made In Zimbabwe traded unchanged at $11.6117, $514.9500 and $9.5000 respectively.

Tigere REIT added $18.0000 to $368.0000 and Revitus Property Opportunities remained flat at $400.0000.

On the VFEX, Axia rose 0.22% to end at US$0.0902. Innscor Africa Limited went up 0.86% to finish at US$0.4180. Simbisa added 0.15% to close at US$0.3177-HARARE

By ETimes

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