By ETimes
HARARE – The Zimbabwe Stock Exchange (ZSE) recovered losses from the previous day on Tuesday as the mainstream index rose by 1.12% to close at 555,245.91 points.
As measured by market breadth, market sentiment was positive, as 15 counters gained relative to 9 laggards.
Today’s performance comes as the authorities say they are in the process of implementing a raft of measures to stabilise the currency.
“We shall soon be announcing the introduction of our structured currency,” President Emmerson Mnangagwa said at the 2024 first cabinet meeting.
Market observers are of the view that whatever currency authorities bring in will never work as long as the politics and economic fundamentals are wrong.
Businesses continue to suffer heavy losses from exchange rate movements.
The new gold-backed digital currency called “ZiG,” which aims to stop re-dollarization, has drawn skepticism from Imara Asset Management as well.
It stated that the ZiG is essentially a “project” of the central bank and that there is no evidence to support it or that it can be exchanged for actual gold.
On the performance board, OK Zimbabwe and TSL topped the gainer’s list after their share prices rose 15% apiece to settle at $830.85 and $1,754.60, in that order.
Meikles and Afdis recorded the most significant losses of the day, declining in share value by 15% each to close at $5,262.35 and $4,240.95, respectively.
The Top 10 Index gained the most, up 2.11% to end at 247,447.41 points.
The Medium Cap Index put on 0.02% to close at 2,045,968.46 points.
The Small Cap Index was flat at 9,807,750.94 points.
Equities investors, therefore, earned $689.86 billion from their investment as the market capitalisation settled at $45.22 trillion by the end of the day’s trading activities.
Analysis of market activities on Tuesday showed that trade turnover settled lower relative to the previous session, with the value of transactions declining by 57.78%.
A total of 1.42 million shares valued at $3.55 billion were exchanged in 249 deals.
OK Zimbabwe led the volume chart with 436 800 shares traded, while Delta led the value chart in deals worth $2.13 billion.
Morgan & Co Made in Zim ETF gained 11.19% to close at $14.0000. Datvest ETF was 7.56% higher at $17.2098.
OML ETF added 1.82% to finish at $99.93.
Revitus and Tigere REIT were down 6.66% and 10.76% to close at $560.0000 and $605.0000 respectively.
On the VFEX, Padenga appreciated by 13.47% to US$0.1600. Simbisa was a negligible 0.02% to finish at US$0.3701.
On the contrary, First Capital Bank recorded the highest loss, declining by 5.93% to close at US$0.0206, African Sun followed with a drop of 3.84% to close at US$0.0400. Innscor Africa Limited fell by 2.93% to close at US$0.4500, Zimplow was down by 0.75% to US$0.0393.