By ETimes
The Stock Market edged higher on Tuesday after a 9.80% improvement in the mainstream index as the economy is moving towards full dollarization.
This comes as the IH Securities say the economy experienced a recurrence of volatility in April as the local currency continued to depreciate against the greenback.
“We are of the view that we will continue to see strong correlation between money supply and ZSE stock market performance,” IH said in its latest monthly snapshot.
“The uncertainty around money supply developments in 2023 propels us to lean more towards defensive stocks that have strong dividend policies in case capital gains remain subdued.”
Accordingly, the ZSE All Share Index gained 5,297.16 points to close at 59,355.89 points while market capitalisation increased by $797.74 billion to $5.04 trillion from $4.24 trillion in the previous session.
As measured by market breadth, market sentiment was positive, as 22 tickers gained relative to 3 losers.
FMP, Tanganda and Meikles rose 15% apiece to close at $27.60, $482.99 and $645.20 respectively.
Hippo jumped 14.81% to $1,158.59 while Truworths appreciated by 14.29% to $4.00.
On the flipside, Willdale lost 2.36% to $3.88, CBZ shed 0.97% to $311.93 and Zimpapers was 0.03% lower at $5.98.
Market turnover increased by 1402.61% to $3.33 billion. Turnall led the volume chart with 51.69 million units, while Delta topped the value chart with deals worth $2.19 billion.
Old Mutual ZSE top 10 increased by $0.4707 to $1.0694. Datvest Modified Consumer Staples ETF added $0.3700 to close at $2.8700 and Morgan & Co Made In Zimbabwe ETF recovered $0.2855 to $2.2400.
Morgan & Co Multi Sector ETF remained flat at $31.3308.
Cass Saddle Agriculture ETF was $0.0549 down at $2.0240.
Tigere REIT advanced by $0.1544 to close at $50.6144.
On the VFEX, Innscor Africa Limited was the only gainer, with 4.47% to US$0.5510. Padenga was the worst performer, with a loss of 9.42% to US$0.1700 ahead of its analyst briefing tomorrow – Harare