• Mon. Jul 22nd, 2024

ZSE extends losses to three sessions on Monday

ByEconomic Times

Nov 7, 2022

By ETimes

The local bourse opened the week negative, extending its losing streak for the third consecutive session as investors’ investment declined by $7.14 billion.

The ZSE announced that the disposal of securities within 180 days from the date of purchase will attract a Capital Gains Tax Rate (CGTR) of 40 percent on the assessed gain.

In the coming week, anticipation is that there will be a subdued buying momentum that may lead to lower stock prices.

The mainstream ZSE All Share Index lost 0.42% to close at 15,051.42 points. Market capitalisation declined by $7.14 billion to $1.82 trillion.

A negative market breath – a measure of investors’ sentiment – was registered as 15 counters traded in the red against 9 gainers.

Among the heavyweights, Econet put on 0.27% to $87.00 while Innscor added 0.02% to $340.51. On the flip side, Simbisa was down 1.87% to $235.80 while Delta fell 1.06% to $237.21 and Ecocash eased 0.82% to $41.74.

Horticulture exporter Ariston led the risers gaining 4.62% to close at $4.00. Sugar producer Starafrica was 2.70% higher to $1.90.

Hotelier African Sun was up 2.36% to end at $26.00. First Capital Bank gained 0.80% to close at $9.67. Retailer OK Zimbabwe added 0.63% to close at $29.82.

Losses were recorded in FML, NMBZ and Proplastics which eased 4.08%, 3.99% and 3.84% to settle at $23.50, $24.00 and $28.36 respectively.

Clothing retailer Truworths was the worst performer. The stock was down 13.29% to close at $2.20. Turnall lost 10.49% to $3.50.

Market turnover declined from $205.27 million to $152.39 million. Delta was the most actively traded stock today.  A total of 331,800 shares valued at $78,707,415 were traded.

On the Victoria Falls Stock Exchange, only Padenga traded, gaining 1.53% to $0.24.

The Datvest ETF was up 0.05% to $1.7479 while the OML ETF gained 12.49% to $5.86. Other ETFs were virtually flat.

Oil prices were stable on Monday, hovering close to US$100 a barrel as support from a weaker dollar and recovering Chinese crude imports met renewed demand concerns linked to China’s stringent Covid-19 containment approach.

Brent crude futures rose by US6c, or 0,06 percent to US$98.63 a barrel, as the US West Texas Intermediate crude was at US$92.60 a barrel, down US1c, or 0,01 percent.

Both contracts dropped by over US$1 per barrel earlier in the session as Chinese health officials on the weekend reiterated their commitment to a stringent Covid-19 containment approach, dashing hopes of a rebound in oil demand from the world’s top crude importer.

Gold prices slipped on Monday from a three-week high scale in the previous session, as the US dollar regained some ground, making greenback-priced bullion more expensive for holders of other currencies.

Spot gold was down 0,4 percent at US$1 672.99 per ounce as bullion prices surged 3 percent on Friday and the dollar fell nearly 2 percent after US jobs data raised hopes about the Federal Reserve being less aggressive on rate hikes in future.

US gold futures were flat at US$1 676.30 – Harare

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