…as ZWL$ sheds 1.33% against USD
By ETimes
The Zimbabwe Stock Exchange rose for the sixth straight session on Tuesday, gaining 0.12% aided by improving investor optimism, particularly in big-cap stocks. The index closed at 14,238.86 points.
At the latest foreign currency auction, the Zimbabwe dollar lost a significant 1.33% to trade at 654.86 against the greenback this week, down from 646.26 in the previous week.
Market breadth, which measures the depth of investors’ sentiment towards trade, was positive as 18 gainers emerged relative to 4 losers. However, the market capitalisation declined by $112.17 billion to $1.60 trillion.
Advisory firm IH Securities stated that the market is currently trading at circa 52% discount to its historical average market cap of US$4 billion despite fundamental growth in businesses over the past 3 years.
“This presents buying opportunities in most of the counters,” it said.
The Top 10 Index appreciated by 0.94% to close at 8,282.37 points. Among the heavyweights, Innscor rose to $344.60, notching up 7.52% while BAT added 5.26% to end trade at $3100.00.
In the red was Hippo, which eased 0.47% to end at $200.04.
The Medium Cap Index retreated 1.48% to close at 32,356.81 points. Milk processor Dairibord was the worst performing stock, declining by 7.41% to close at $41.66. Proplastics shed 4.13% to close at $25.00. FMP fell to $10.00, losing 2.43%.
Mash Holdings maintained its pole position as it led gainers, appreciating by 14.98% to close at $17.80. Horticulture exporter, Ariston garnered 3.68% to $3.62.
African Sun which gained 0.09% to close at $21.35. The hotelier has announced the closure of the Kingdom at Victoria Falls Hotel with effect from 5 January 2023.
The Small Cap Index slid to 469,108.15 points, recording 3.30% depreciation. Clothing retailer Truworths closed flat at $2.42.
Conversely, Zimpapers went up 7.69% to $2.80 UACN completed the top 5, climbing by 3.68% to $3.62.
The value of trades rose 8.50% to $71.75 million.
The Old Mutual ZSE Top 10 shed $0.6512 to close the session at $5.3861 and Datvest Modified Consumer Staples ETF lost $0.1673 to $1.5327. CASS Saddle Agriculture remained flat at $2.0000, Morgan & Co Made In Zimbabwe added $0.1624 to $1.3740 and Morgan & Co Multi Sector decreased by $0.6512 to $5.3861 – Harare