• Tue. Jul 16th, 2024

ZSE extends gains as RBZ trims policy rate to 150%

ByEconomic Times

Feb 3, 2023

By ETimes

The Zimbabwe Stock Exchange maintains its northward movement for the sixth consecutive session. The mainstream ZSE All Share Index gained 0.82% to close at 23,653.77 points.

Today, the apex bank released the much-anticipated monetary policy statement. To correspond with the inflation outlook, the bank cut its policy rate by 50 basis points, to 150% from 200%.

“Monetary policy remains restrictive to sustain the current stability with interest rates aligned to inflation developments in order to sustain and strengthen economic resilience,” said Reserve Bank of Zimbabwe governor John Mangudya.

“Inflation has moderated but remains under close watch by the Monetary Policy Committee (MPC) of the Bank.”

At the close of trading, OK Zimbabwe was the worst performing stock today. The stock shed 4.62% to close at $44.01. EcoCash was next, declining by 0.42% to close at $51.38. As a result, the Top 10 Index added 0.80% to close at 14,407.72 points.

The Medium Cap Index was up 0.95% to close at 49,388.84 points.

First Capital Bank was the best performing stock at the close of trading. The stock gained 6.05% to close at $14.06. Proplastics rose 6.19% to close at $62.59. TSL was next, appreciating by 3.14% to end at $52.00. Masimba climbed by 2.97% to close at $118.00. Hippo rounds up the top five gainers for today. The stock gained 2.91% to close at $425.05.

Other losses were recorded in African Sun and FBC, which lost 1.17% and 0.08% to end at $32.18 and $66.00 respectively.

GB Holdings fell 2.58% to $1.70. The Small Cap Index shed 0.18% to 497,412.08 points.

Market capitalisation declined by $20.77 billion to $2.55 trillion.

Turnover increased from yesterday’s $1.28 billion to $2.58 billion in 285 trades. Innscor was the most actively traded stock today. 1.72 million shares valued at $1.31 billion were traded. Econet followed with 7.13 million shares worth $1 billion.

Datvest Modified Consumer Staples ETF lost $0.0257 to $1.4743 and Cass saddle agriculture ETF eased $0.1011 to $2.1489.

Old Mutual ZSE Top 10 added another $0.1583 to $7.7186.

Morgan & Co Multi Sector ETF held steady at $24.4565. Morgan & Co Made in Zimbabwe ETF was unchanged at $1.3000

Tigere REIT remained flat at $50.6200 – Harare

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