Sustained gains for ZSE as, investors see buying opportunity
The ZSE All Share Index today gained further, adding 419.50 points representing a 2,67 percent surge to close at 16 138.51 points.
Gains were driven by Innscor, which is trading under a cautionary term, as it seeks to move to the foreign currency traded Victoria Falls Stock Exchange (VFEX). The conglomerate saw a $56,24 jump to $437, as the most valuable company Delta was $12,6181 up at $298,25.
Sugarcane farmer and refiner Hippo Valley added $9,96 to trade at $180 at the close of today’s trading session. Zimplow gained $0,96 to $16,9579, while the country’s biggest retailer by outlets and customer count OK Zimbabwe inched higher by $0,93 to close the day with a share price of $30,98.
The gains were partially offset by losses in African Sun, which retreated by $2,48 to close at $21,82. First Mutual Holdings, which is awaiting the competition tariff commission’s verdict on its proposed merger with CBZ lost $2,34 in the session to $20.9641.
Properties firm Mashonaland Holdings traded $2 lower at $15,00 as clothing retailer Edgars’ share price declined by $1,05 to $8,05 whilst Meikles eased $0,97 to $101,03. In the derivatives market, the Old Mutual Top Ten Index added $0,53 to $6,03 as the …moved $0,04 up to $1,60 as they were the only exchange-traded fund to record gains.
The Morgan and Co Multi-Sector and Cass Saddle Agriculture ETFs remained flat at $23,95 and $1,75 respectively. The Morgan & Made In Zimbabwe ETF was the sole loser of the day as it decreased by $0,05 to $1,14. Tigere real investment trust added $1,70 to $35,70.
Commodities
Gold prices edged higher on Tuesday as the dollar dipped, though lingering worries about further rate hikes from the US Federal Reserve (Fed) kept the non-yielding bullion’s gains in check.
Spot gold was up 0,3 percent at US$1 792.75 per ounce, as US gold futures rose 0,2 percent to US$1 801.40.
The dollar index inched 0,4 percent lower as the yen surged after the Bank of Japan said it would review its yield curve control policy. A weaker dollar makes gold more attractive to overseas buyers.
Spot silver edged 0,5 percent higher at US$23.06, platinum rose 0,3 percent to US$982,51 and palladium was up 0,6 percent at US$1 679.58.
Oil prices edged up on Tuesday, supported by a softer dollar and a US plan to restock petroleum reserves, but gains were capped by uncertainty over the effects of rising Covid-19 cases in top oil importer China.
Brent crude futures were up US24c, or 0.3 percent, at US$80.04 a barrel, adding to a US76c gain in the previous session.
US West Texas Intermediate (WTI) crude futures rose US49c, or 0.7 percent, to US$75.68 a barrel, after climbing US90c in the previous session. Oil prices have been buoyed by a US plan announced last week to buy up to 3-million barrels of oil for the Strategic Petroleum Reserve following 2022’s record release of 180-million barrels from the stock.-ebusinessweekly
