• Tue. Apr 23rd, 2024

Stocks in 2-day rally as Govt affirms tight policy stance post-election

ByETimes

Sep 8, 2023

By ETimes

The Zimbabwe Stock Exchange gained for the second consecutive session as market capitalisation increased by $208,77 billion to close at $10.02 trillion from $9.81 trillion posted on Wednesday.

Today’s performance comes as the Treasury issued an “affirmation and continuation of policy measures to stabilise the economy”

The southern African nation witnessed sustained economic stability after authorities instituted a series of measures aimed at easing the continued depreciation of the Zimbabwean dollar against the greenback.

However, the premium between the official and black-market exchange rates remains too high.

On the parallel market, one US dollar can sell for ZWL$6000x while officially trading at 4,647.

“Government, in this post-election period, is therefore committed to ensure that such macroeconomic stability endures and is sustainable through implementation of sound macroeconomic policies, to achieve envisaged economic growth targets,” the ministry of finance said in a statement.

“Government remains fully committed to the maintenance of macro-economic stability and will continue to revive the purchasing power of the Zimbabwe dollar and the restoration of trust and confidence in the economy.”

At the close of trade, the ZSE All Share Index ended 2.11% stronger to close at 125,549.23 points.

The Top 10 Index was 2.96% higher at 58,539.73 points.

Likewise, the Medium Cap Index gained 0.62% to close at 455,376.68 points.

The Small Cap Index was flat at 2,320,368.91 points – Harare

By ETimes

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