• Sun. Apr 14th, 2024

Z$ depreciation takes toll on investors as equities fall for second day

ByEconomic Times

Apr 13, 2023

By ETimes

The Zimbabwe Stock Exchange extended falls for the second day as sentiment started to weaken amid the continued free fall of the local currency against the greenback.

The interbank rate closed the week at 945.94, representing a weekly local currency depreciation of 1.73% and a year-to-date local currency depreciation of 37.63%.

At the time of writing, the Zimbabwean dollar was trading at ZWL1700x to the US dollar on the black market.

The mainstream ZSE All Share Index lost 2.98% to close at 36,787.99 points while market capitalisation declined by $88.45 billion to $3.02 trillion.

The Top 10 Index suffered the most, as it fell 4% to settle at 21,217.06 points.

Econet was the worst performing stock, declining by 14.97% to end at $183.06. Ecocash followed, depreciating by 13.27% to close at $52.73.

CBZ plunged 11.29% to finish at $177.45.

The Medium Cap Index was down 0.12% to close at 80,167.72 points. First Capital Bank and FML eased 7.94% and 6.85% to settle at $30.78 and $20.74 respectively.

Dairibord led gainers, appreciating by 14.99% to close at $114.98. Ariston was up 9.86% to $11.00. Tanganda gained 1.05% to $342.08. RTG was 0.98% higher at $16.77. ZHL added 0.18% to close at $10.52 completing the top 5 gainers table.

Investors traded 3.39 million shares worth $873,54 million in 234 deals, compared with 1.7 million shares worth $328.09 million transacted in 268 deals previously.

OK Zimbabwe led the volume chart with 1.98 million units while Delta led the value chart with deals worth $693.46 million.

The OML ETF lost 2.32% to close at $10.2077. The Morgan & Co Made In Zim ETF fell 0.60% to end at $1.9240. The Cass Saddle Agriculture ETF eased 0.46% to settle at $2.0373. Others remained unchanged.

On the VFEX, SeedCo International gained 11.57% to close at US$0.2912. Padenga was up 10.08% to end at US$0.1998. Simbisa added 0.30% to US$0.4209.

On the flip side, Axia plunged 1.37% to close at US$0.1005. Innscor Africa Limited depreciated by 0.60% to US$0.6449 – Harare

Leave a Reply

Your email address will not be published. Required fields are marked *