ZSE records gains on Tuesday, as ZWL weakens

The Zimbabwe Stock Exchange (ZSE) further strengthened by 1,24 percent on Tuesday, led by gains in mid-tier stocks and select heavyweight gains.

Today’s performance comes as the local currency weakened by a marginal 0,32 percent on the official auction market as it slipped by $2,01 to close the day at $628.1975. The auction saw 60 bidders at the main auction with a high rate of $657.50 and a lowest bid rate of $598.00.

At close of trade, the mainstream ZSE All Share Index was up 1,24 percent to 13 403.34 points. In the same vein, the Top 10 Index gained 1,28 percent to close at 7 927.47 points. Among the heavyweights, beverage maker Delta was up 3,51 percent to close at $205.35, Econet followed with a 2,98 percent gain to end the session at $85.04 as Innscor added 0,93 percent to close at $270.62.

On the flip side, EcoCash and Simbisa saw their share prices fall by 0,53 percent apiece to end trade at $49.57 and $161.14 respectively.

ART topped the gainers’ chart, appreciating by 15 percent to close at $19.55. RioZim went up by 14,78 percent to $132.00. FBC rose to $49.99, notching up an 11,10 percent gain in the process. ZB Holdings added 10 percent to end the day at $66.00. GSK completed the top 5, adding 5,95 percent to see its share price move to $32.92.

As a result, the Medium Cap Index gained 1,20 percent to close at 29 268.57 points.

First Capital Bank was the worst performing stock, declining by 10,12 percent to close at $9.00. TSL shed 6,75 percent to close at $37.30. African Sun fell to $17.09, losing 5,64 percent. SeedCo Limited declined by 3,37 percent to $77.30. Ariston closed at $3.68, going down by 3,07 percent.

The Small Cap Index was flat at 493,292.78 points.

A total of 27,560,000 shares valued at $1,375,092,635 were traded in 306 deals.

Foreign investors were net sellers after disposing of $1,083,963,110 against buys of $10,764,040.

On the derivatives market, the Datvest ETF lost 0,25 percent to $1.71, Morgan & Co Made in Zim ETF was off 5,98 percent to $1.21, while the Morgan & Co Multi Sector ETF shed 6,75 percent to close at $25.18. Also, the OML ETF eased 1,84 percent to $5.20.

On the other hand, Cass Saddle Agriculture ETF added 5,45 percent to finish at $2.00.

International Commodities market

Gold prices extended their falls to a fifth session on Tuesday, pressured by gains in the dollar and treasury yields, while caution also set in ahead of inflation data due later this week.

Spot gold was down 0,2 percent at US$1 664.92 per ounce, after hitting its lowest level since October 3, 2022 earlier in the session. US gold futures dipped 0,1 percent to US$1 673.00 per ounce.

Spot silver fell 1 percent to US$19.46 per ounce, platinum dipped 0,5 percent to US$894.00 per ounce and palladium rose 0,5 percent to US$2 182.94 per ounce.

Oil prices slid on Tuesday, extending losses of nearly 2 percent in the previous session, as a stronger US dollar and a flare-up in Covid-19 cases in China raised concerns of slowing global demand.

Brent crude futures fell US$27c, or 0,3 percent, to US$95.92 a barrel, after falling US$1.73 in the previous session.

US West Texas Intermediate crude was at US$90.73 a barrel, down US$40c, or 0,4 percent, after losing US$1.51 in the previous session-ebusinessweekly