• Tue. Apr 23rd, 2024

Tourist arrivals up 50% in H1 as ZSE ends with marginal gains


Aug 21, 2023

By ETimes

Profit-taking by investors on the Zimbabwe Stock Exchange (ZSE) impacted trading activities, as the mainstream index recorded marginal gains Friday, forcing market capitalisation to appreciate by 1,41 percent.

Today’s performance comes as the country’s tourist arrivals increased by 50% percent to 529 078 in the first six months of 2023.

The latest data from the Zimbabwe Tourism Authority shows that tourism receipts grew by 16% to US$343,1 million compared to the same period last year.

In the first six months of the year, investment in Zimbabwe’s tourism sector grew by almost 100 percent to US$96,5 million.

The Zimbabwe Tourism Authority is attributing the sector’s continued positive performance to “various marketing and investment initiatives.”

Average hotel room occupancy for the first half of 2023 stood at 41% compared to 39% in the same period last year.

Accordingly, the ZSE All-Share Index increased slightly by 59.68 points, representing an increase of 0.05% to close at 120,504.79 points while the overall market capitalisation closed at $9.5 trillion.

The market breadth closed positive, recording 9 gainers and 5 losers.

The Top 10 Index gained 0.04% to close at 56,507.49 points. The Medium Cap Index was up 0.07% to end at 431,644.74 points while the Small Cap Index was flat at 2,293,785.91 points.

ART, which recorded 2% decline in volumes for the third quarter to June 2023, did not trade.

Conversely, the company’s export volumes rose 16% from the comparative period in line with improved product availability.

“The group remains profitable however margins have come under pressure due to increased input costs and the impact of the punitive foreign currency retention policy on exports,” the company said in a trading update.

Inflation adjusted revenue for ART surged by 54% to $75.2 billion during the period under review.

Market turnover declined 70.86% to $199.65 million.

Transactions in the shares of Delta topped the activity chart with 43,100 shares valued at $91.63 million.

Econet followed with 77,800 shares worth $36.14 million.

Datvest Modified Consumer Staples ETF, Morgan & Co Made In Zimbabwe ETF, Cass Saddle Agriculture ETF and Morgan & Co Multisector ETF remained unchanged at $6.6000, $5.5000,6.3100 and $180.0000 respectively.

Old Mutual ZSE TOP 10 ETF added $0.0082 to close at $23.6500.

Tigere REIT added $1.1117 to close at $205.2817 – Harare

By ETimes

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