Marginal gains at ZSE
The marginal gains seen at the Zimbabwe Stock Exchange’s (ZSE) opening this week were sustained in Wednesday’s session.
The performance comes as the Zimbabwe dollar closed last weekly auction of the year weaker against the greenback in Tuesday’s trade, as parallel market rates breach the 900 mark.
The local unit depreciated by 1,49 percent against the US dollar to close the week at $671.44. Last week, the local unit was at $661.56. According to the Reserve Bank of Zimbabwe, the next foreign exchange auction will be held on 9 January 2023.
On another note, the World Bank’s latest assessment places Zimbabwe on top among the 10 countries hit hardest by food inflation.
The ZSE All Share Index added 36,07 points which represents a 0,24 percent rise to close at 14 878.58 points.
Gains were recorded in Axia which is set for delisting and subsequently list on the foreign denominated bourse, VFEX. The diversified goods firm saw its share price increase by $10.27 to $80.29.
Conglomerate Innscor, which is also trading under a cautionary, after it notified its shareholders that it will be moving to VFEX, was $4.63 firmer at $350.04 whilst retail shop OK Zimbabwe added $3.59 to $29.75.
Financial stock CBZ Holdings gained $0.98 to close the day at $124.00 as it awaits the approval of the Competition Tariff Committee approval of its merger with Fidelity Holdings. To cap notable gains General Beltings was up $0.10 to $1.80.
The gains were mostly erased by losses, which were recorded in cigarette manufacturer BAT, which shed $10.00 to $2 880.00 as Seed Co which has said it has sufficient stocks to cover demand but recorded an expected half year loss lost $5.89 to $72.11.
Dairibord Holdings traded $5.55 lower at $31.45 despite generating foreign currency via sales and exports enough to finance expansion. Another exporter, ART saw its share price decline by $2.30 in the midweek session to $13.10 whilst Proplastics eased $1.00 to end the day at $25.00.
In the derivatives market the MCMS and MIZ ETFs remained at $21.00 and $1.19 respectively. The OMTT, however, lost $0.88 to $5.12, as the CSAG ETF shed $0.01 to $1.80. The DCMS ETF saw its unit price decrease by $0.01 to $1.63.
The REIT market saw the Tigere REIT recover $0.26 to $34.00.-ebusinessweekly
