• Mon. Jul 22nd, 2024

Zim dollar crosses 800 mark in continuation fall against USD

ByEconomic Times

Feb 1, 2023

By ETimes

The Zimbabwean dollar depreciated by 2.86% against the United States dollar in Tuesday’s trade to close the week at $801.60, as demand for foreign currency surged to the roof.

Last week, the local unit was at $779,31.

At $801.60 against US$1, it is far from the US$1:$1000x parallel market rate.

Of late, companies have been expressing concerns about the currency rate gap, which continues to exert pressure on margins.

A total of US$18.29 million was allotted to 504 bidders at both the main and small enterprise auctions.

…ZSE hit four consecutive days of gains

On Tuesday, equities trading at the Zimbabwe Stock Exchange continued with its swift rally that began on Thursday last week.

The mainstream ZSE All Share Index gained 0.82% to close at 22,813.24 points.

The Top 10 Index depreciated by a negligible 0.03% to close at 13,824.24 points.

Bulls’ camp-maintained dominance over the market breadth with 18 counters in the gainers’ chart pitted against 15 laggards.

The Medium Cap rose 2.83% to close at 48,200.90.

The Small Cap Index gained the most, up 5.18% to 498,286.56 points.

CAFCA gained 14.99% to become the best performing stock in the session. It is flanked by SeedCo Limited, Dairibord, Masimba and Proplastics as they populated the top five gainers’ chart.

From the rear of the chart Mash Holdings, ART, Starafrica, Ariston and Nampak populated the top five losers’ chart.

Value of those traded stocks dipped by 230.10% in the session to stand at $596.76 million.

Market capitalization increased by 0.22% to $2.41 trillion.

Modified Consumer Staples ETF gained $0.0096 to $1.5000, Morgan & Co. The Made in Zimbabwe ETF gained $0.0005 to $1.2966, and the Cass Saddle Agriculture ETF remained unchanged at $2.2500.

On the other hand, Old Mutual ZSE TOP 10 was down $0.3308 to $7.5600 and Morgan & Co Multi Sector ETF lost $0.0435 to $24.4565.

Tigere REIT remained flat at $50.6200 – Harare

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