ZSE records fourth session on losses on Tuesday

The local bourse extended its losing streak on Tuesday by 0,70 percent due to losses in some highly capitalised stocks.

The market closed negative with 15 laggards relative to six gainers. The mainstream ZSE All Share was off 0,70 percent to close at 14 945.66 points.

EcoCash led the losers’ chart in percentage terms by 4,18 percent to close at $40.00.

Simbisa shed 2,43 percent to close at $230.06.

Telecoms giant, Econet, was 1,95 percent lower at $85.30.

Cigarette manufacturer, BAT lost 1,66 percent to end at $2 950.00 amid investigations by the Zimbabwe Anti-Corruption Commission on the company over allegations of fraudulently underpricing tobacco exported from the country, resulting in the loss of millions of dollars.

Banking counter CBZ eased 0,67 percent to $132.00. As a result, the Top 10 Index retreated 0,70 percent to 14 945.66 points.

None of the heavyweight counters appeared on the gainers table, which was led by Proplastics, which added 12,82 percent to $32.00.

Banking counter FBC gained 12,50 percent to close at $63.00. Hotelier, African Sun, was up 3,65 percent to $26.94. This saw the Medium Cap Index rise 0,73 percent to close at 33 848.66 points.

On the other hand, Starafricacorporation fell 3,65 percent to $1.83, First Capital Bank lost 2,90 percent to $9.39 and Mash Holdings was down 2,54 percent to $7.81.

The Small Cap Index gained the most, by 1,14 percent to 518 789.25 points. Turnall and Edgars added 11,71 percent and 3,33 percent to $3.91 and $7.75 respectively.

The Mining Index suffered the most, falling by 3,45 percent to close at 25 478.67 points. Gold miner RioZim plunged 3,45 percent to $140.00.

Market turnover improved from yesterday’s $152,39 million to $247,32 million in 232 trades. The market capitalisation increased by $13,85 billion to $1,80 trillion.

The Cass Saddle Agriculture ETF and Morgan & Co Multi Sector ETF remained flat at $2.0000 and $21.6500 respectively. The Datvest ETF was down 2,82 percent to close at $1.6986.

The Old Mutual ZSE Top 10 gained 2,09 percent to $5.9877 while Morgan & Co Made in Zimbabwe traded 3,04 percent higher at $1.0922.

There were no trades on the VFEX.

Oil prices slipped on Tuesday as recession concerns and worsening Covid-19 outbreaks in top crude importer China heightened fears of lower fuel demand.

Brent crude fell US84c, or 0,9 percent, to US$97.08 a barrel, while US West Texas Intermediate (WTI) crude fell US96c, or 1 percent, to US$90.83.

Gold prices were listless, with cautious investors on the sidelines as they awaited US inflation figures due this week that could influence the Federal Reserve’s rate-hike narrative.

Spot gold was down 0,1 percent at US$1 673.60 an ounce. Prices hit a three-week peak in the previous session, buoyed by a weaker dollar.

US gold futures fell 0,3 percent to US$1 674.90.-ebusinessweekly