ZSE retreats in mid-week trades
The ZSE All Share Index retreated by 43.92 points to close at 21 817.48 points.
Losses were recorded in Dairibord that lost $2.73 in the day to close midweek trading at $45.27, as compatriot mid cap stock Zimplow shed $2.57 to trade at $21.43 at close of day.
Heavyweight stock Ecocash saw its share price decrease by $2.26 as the financial and tech stock closed at $50.69. Nampak was down $1.71 to $12.0878 whilst hotelier African Sun, which will cease to operate at the iconic Kingdom Hotel in Vic Falls was $1.35 lower at $30.00.
The losses were offset by gains which were recorded in Meikles which increased its share price by $16.70 to $165.00, and Proplastics added $3.89 in the session to end the day at $40.00.
Innscor, which is set to delist and relist on the VFEX was $1.99 firmer at $679.51 whilst financial stock CBZ Holdings gained $1.68 on Wednesday to trade at $144.83 at close whilst Axia recovered $0.68 to $97.88.
In the derivatives sector, Datvest Modified Consumer Staples ETF, shed $0.01 to $1.51 as it was the only loser and all others gaining.
Cass Saddle Agriculture ETF added $0.01 to $2.24 whilst Morgan & Co Made in Zimbabwe ETF was up $0.01 to close at $1.31. Morgan & Co Multi Sector ETF during the day added $1.30 to trade at $24.50 as Old Mutual ZSE Top 10 was up $0.01 to close the session at $7.47.
Tigere Real Estate Investment Trust retreated by $0.03 to close at $50.56.
Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China (which has exited from Covid-19 pandemic curbs) provided support after prices dropped in the previous session on concerns about global economic growth.
Brent crude futures gained US59c, or 0,7 percent, to US$86.72 a barrel after falling 2,3 percent in the previous session. US West Texas Intermediate (WTI) crude futures rose US46c, or 0,6 percent, to US$80.59 a barrel, having dropped 1,8 percent on Tuesday.
Gold prices traded in a tight range on Wednesday as investors stayed away from taking big bets ahead of US economic growth data this week, while expectations of slower interest rate hikes from the Federal Reserve kept bullion’s outlook bright.
Spot gold was steady at US$1 937.09 per ounce, after hitting its highest since late April 2022 on Tuesday. US gold futures were up 0,2 percent at US$1 940.00.
Among other precious metals, spot silver dipped 0,2 percent to US$23.62 per ounce and platinum lost 0,2 percent at US$1 054.40. Palladium rose 0,1 percent to US$1 745.38.
In other news, the Confederation of Zimbabwe Industries (CZI) called for a much tighter monetary policy and a revamped Foreign Exchange Auction platform if the target of reducing inflation levels to below 100 percent is to be attained by year end.
The remarks come at a time when authorities continue to battle the inflation tide after various policy measures employed from mid -2022 managed to ease yearly inflation from a high of over 800 percent to the current 240 percent.
Month on month inflation receded significantly from over 30 percent to the current levels of 2,4 percent as at December 31 2022.-ebusinessweekly
