ZSE closes in the red for second consecutive day

The Zimbabwe Stock Exchange (ZSE), which has been on a gains run since the new year, closed Tuesday’s trades in red for the second consecutive day.

Losses were spearheaded by the heavyweight stocks which saw the Top 10 Index ease by 2,11 percent on Tuesday although there were gains in the Medium and Small Cap indices.

OK Zimbabwe which recently announced that it has completed the territorial ownership of Food Lovers Market franchise in Zimbabwe led the big cap losses with an 8,11 percent drop in share price to close at $40,20.

Telecoms giant Econet was another big cap that closed in losses as it saw it’s share price dwindle 6,96 percent on Tuesday to $120,51. Delta Corporation eased 3,13 percent to trade at $404,31 per share.

Other losses were in First Mutual Holdings which lost 12,00 percent in the session to close at $22,00.

OK Zimbabwe led values traded with $37,7 million exchanging hands, whilst Innscor and Delta also had notable amounts traded at $31,98 million and $14,2 million respectively.

Partially offsetting the losses was Zimpapers which saw it’s share price gain 14,94 percent to trade at $3,19 per share.

Other gainers were Zimre Holdings which put on 13,33 percent to $6,80 and seed company SeedCo that closed with a share price of $99,99 after adding 5,20 percent in the day.

There were two ETFs that recorded gains with as many remaining flat and one loser in the day.

Gainers were Cass Saddle ETF which put on 6,47 percent to $1,97 and Datvest ETF that added 0,64 percent to $1,58.

Both Morgan & Co Made in Zim ETF and Morgan & Co Multi Sector ETF remained flat, whilst the Old Mutual ZSE Top 10 ETF lost 0,24 percent to $7,48.

In the real estate investment fund sector, the Tigere REIT lost 5,66 percent to close at $53,00.

Gold prices inched lower on Tuesday, weighed by an uptick in the dollar, though hopes of slower interest rate hikes by the US Federal Reserve capped further losses.

Spot gold was down 0,4 percent at US$1 910,48 an ounce as Monday, prices hit US$1 929, the highest since late-April 2022. US gold futures fell 0,5 percent to US$1 912.70.

Platinum was flat at US$1 062.50, while palladium rose 0,2 percent to US$1 754.37.

Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in Covid-19 policy underpinned hopes of a recovery in fuel demand in 2023.

Brent crude futures rose US69c, or 0,8 percent, to US$85.15 a barrel.

US West Texas Intermediate (WTI) crude was down US7c, or 0,1 percent, at US$79.79, heading for the first daily loss since January 4 after touching its highest since January 3.-ebusinessweekly