|The Zimbabwe Stock Exchange finished lower Wednesday, while the dollar built solid gains against the greenback on the official exchange rate.
Today’s performance comes as hardening expenses are poised to have an effect on corporate performance in 2023.
Businesses have not been spared from the effects of the currency conundrum despite a number of measures to stabilise the exchange rate.
“Corporate performance in 2023 to be impacted by hardening costs which is expected to thin margins for players in the consumer sector whilst exporters are likely to be negatively affected by surrender requirements versus an unfavourable official exchange rate,” First Mutual Wealth stated in its latest second quarter of 2023 economic review and investment outlook.”
ZWL money supply growth risk remains significant in an election year which may result in the listed equity market to adjust more aggressively in the outlook under a highly volatile environment.”
At close of trades, the mainstream ZSE All Share Index lost 4,25 percent to close at 135,056.70 points.
In the same vein, the Top 10 Index depreciated by 6,21 percent to close at 64,663.99 points.
Market breadth was negative as there were 13 laggards against 7 gainers.
OML ETF was down 10,49 percent to end at $34,4674.Cass Saddle Agriculture ETF declined 4,12 percent to $6,7014.
Morgan & Co Made In Zim ETF depreciated by 2,75 percent to $7,0000.
The Datvest ETF was flat at $10,0000.
Morgan & Co Multi Sector did not trade at $240,0486.
Tigers REIT gained 0,70 percent to $254,2812.
On the VFEX, Innscor Africa Limited was the only gainer, up by a marginal 0,02 percent to close at US$0,4500.
African Sun was also the only loser for the day, down 15,87 percent to US$0,0424- Harare