ZSE closes a week of gains on a high note

Delta led the Zimbabwe Stock Exchange risers on Friday as the stock market closed the week in the positive ahead of the third quarter earnings season.

The market breadth was positive after 18 stocks rose and only 11 stocks were in the red.

At close of business, the beverage maker was up 6,80 percent to close at $226.96, leaving its year-to-date gain at 39,65 percent. The market’s performance indicator the ZSE All Share Index put on 1,77 percent to close at 13 831.97 points.

Consequently, the Top 10 Index was up 1,74 percent to 8 168.97 points with gains in Delta, Innscor and Hippo. Innscor rose 3,25 percent to $281.02. Hippo added 3,01 percent to $207.00.

On the flip side, Econet eased 0,60 percent to end at $48.16 and was the biggest contributor to trading value at $88,72 million.

Mid-tier Axia stock was 4,56 percent higher to $58.03 while Starafricacorporation gained 2,56 percent to finish at $1.65.

ART led the fallers as its share price dipped by 12,18 percent to close at $17.56. FML fell 3,15 percent to $25.86. First Capital Bank plunged 3,12 percent to $9.68 and hotelier African Sun lost 3,10 percent to settle at $16.95.

Other losses were recorded in NTS, which depreciated by 7,69 percent to close at $12.00.

Turnover declined by 52 percent to $197,08 million.

Market capitalisation increased by 1,71 percent to $1,7 trillion.

On the derivatives market, the Datvest ETF and OML ETF gained 0,01 percent and 0,15 percent to close at $1.7102 and $5.2079. Other ETFs were virtually flat.

Oil prices were stable on Friday as support from a large cut to the Opec+ supply target and a weaker dollar were countered by global recession fears and weak oil demand in China.

Brent crude futures were down US$31c, or 0,3 percent, at $94.26 a barrel, while US West Texas Intermediate (WTI) crude futures fell US$25c, or 0,3 percent, to US$88.86.

The Brent and WTI contracts both oscillated between positive and negative territory on Friday but were down about 4 percent over the week after two weeks of gains on concern over the global economy.

Gold prices ticked higher on Friday, helped by a pullback in the US dollar and treasury yields, though growing anticipation of another oversized US Federal Reserve interest rate hike kept the bullion on track for a weekly decline.

Spot gold was up 0,2 percent at US$1 668.46 per ounce, prices were down 1,6 percent so far for the week.

US gold futures inched 0,1 percent down at US$1 666.80.-ebusinessweekl