ZSE closes in the road but gains 26pc in the week

The ZSE recovered during the past week, after successive declines in equity prices since July 2022. The ZSE All Share Index gained by 26,24 percent adding to the 12,10 percent gained last week to close at 14 681.79 compared to 11 629.65 in the prior week.

The stock market recorded equity price appreciation across most counters despite late week reversals. During the week, support for market prices and volumes came from improved buying momentum backed by liquidity injection which normally occurs during month-ends and also a view to quickly take positions on blue-chip stocks that had become grossly undervalued.

On Friday the All Share index shed 1,11 percent as CFI Holdings dropped $62.39 to close the session at $357.61.

Hotelier and retailer, Meikles, saw its share price drop by $14.00 to $100.00 whilst Delta decreased by $10.59 to close at $248.74. Telecoms giant Econet eased $2.90 to $114.83 on Friday as Seed Co for a second day running lost $1.99 to end at $108.01.

Trading in the positive BAT added $161.33 to $3 140.00 as it continued its meteoric rise during the week. LAFARGE went up by $12.90 to $98.90 as Tanganda gained $5.01 to close at $85.00.

First Mutual Holdings traded $2.55 higher at $19.75 whilst Axia rose by $0.9774 to close the week at $50.11.

ETFs were mixed on Friday as Old Mutual ZSE Top 10 ETF dropped $0.02 to end the session at $5.17 but Cass Saddle Agriculture ETF added $0.27 to close at $2.07.

Datvest Modified Consumer Staples ETF added $0.19 to $1.99 whilst Morgan and Co Made In Zimbabwe ETF remained flat at $1.30.

Oil prices are on track for their first weekly gain in five, underpinned by a weaker dollar and the possibility that Opec+ will agree to cut crude output when it meets on October 5, 2022.

Brent crude rose US95c to US$89.44 a barrel with the futures contract up US81c at US$87.99. US West Texas Intermediate (WTI) crude futures rose US72c to US$81.95.

Gold prices were set for their biggest quarterly fall since early 2021, as aggressive interest rate hikes by the US Federal Reserve and commitment to deliver more dented the zero-yielding metal’s appeal.

Spot gold ticked 0,1 percent higher to $1 661.04 per ounce, as the dollar index slipped from a 20-year high, making the metal less expensive for buyers holding other currencies.

Gold prices have fallen about 8 percent so far in the quarter, but gained 1,1 percent this week after two straight weeks of falls.-ebusinessweekly