Monday delight on ZSE as gains
The All Share Index added 292.39 points representing a 1,37 percent gain to close higher at 21 595.83 points in the session.
Trading in the positive was Hippo which was applauding the Kenyan authorities for increasing the tariff quota system for sugar from 13 000 kgs to 17 000 kgs.
The sugar refiner added $18.05 to end Monday’s session at $220.0498.
Innscor, which is still finalising its migration to VFEX increased by $7.3799 to trade at $707.0661 per share as Econet added $5.50 to trade at $127.42.
Seed Co gained $5.21 in the session to $90.0000 and Tanganda closed the day up $4.91 at $105.00.
Reversing some of the gains was FBC Holdings, which declined by $9.00 to end the day at $51.00, as AXIA, which recently saw changes in its hierarchy decrease by $6.44 per share to trade at $10.56.
CBZ Holdings which is trading under a cautionary was $1.69 down at $133.31. Dairibord Holdings decreased by $1.67 to $38.33 and Mashonaland Holdings lost $0.55 to $7.45.
In the derivative market, Old Mutual ZSE Top 10 was up by $0.74 to trade at $7.27, with the Morgan & Co Made in Zimbabwe ETF gained $0.03 to $1.30.
During the session, the Cass Saddle Agriculture ETF remained flat at $1.800 whilst losses were recorded in the Morgan & Co Multi Sector ETF which was $0.97 down at $21.88, and Datvest Modified Consumer Staples ETF which lost $0.04 to $1.50.
Gold prices advanced to an eight-month high on Monday, as a weaker dollar made greenback-priced bullion cheaper for overseas buyers while hopes of less-aggressive US rate hikes also lifted sentiment.
Spot gold was up 0,7 percent at US$1 878.55 per ounce, its highest level since May 9, 2022. US gold futures also rose 0,7 percent to US$1 883.20.
The dollar index slipped 0,3 percent.
Spot silver gained 0,9 percent to US$24.03, while platinum rose 0,5 percent to US$1 095.58 and palladium was up 0,7 percent to US$1 817.59.
Oil prices climbed more than 2 percent on Monday as China’s move to reopen its borders boosted the demand outlook and overshadowed global recession concerns.
The rally was part of a wider recovery in risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to US interest rates based on recent US data, with Asian equities rising and the dollar weakening.
Brent crude was up US$2.22, or 2,8 percent, at US$80.79 a barrel while US West Texas Intermediate crude rose US$2.04, or 2,8 percent, to US$75.81.-ebusinessweekly
