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Monday, January 30, 2023
HomeBusinessZSE Extends Bull Run On Improved Sentiment

ZSE Extends Bull Run On Improved Sentiment

The Zimbabwe Stock Exchange continued its bull run this Tuesday afternoon as sentiment continues to improve on exchange rate stability and substantial profits being posted by listed firms after the bourse suffered heavy losses for the better part of the second half of the year.

The market however remains subdued but a change of investor confidence in the past month or so has seen it recover with analysts predicting a strong finish to the year. Market watchers say the positive sentiment is attributed to the stability in the exchange rate market which has seen the difference between the Zimbabwe dollar and the USD narrow to below 15 percent from over 80 percent in June on the parallel market.

The ZSE All share index added 270.92 points to close the session at 14 509.78 points.

Trading in the positive was British American Tobacco which increased by $24.1042 to $344.6042, Innscor Africa limited added $24.1042 to $344.6042 and Delta Corporation limited traded $4.0073 higher at $232.2457. Mashonaland Holdings limited gained $2.3197 to $17.8000 whilst Seed Co Limited went up by $1.1000 to $72.2500.

Trading in the negative was Dairibord Holdings Limited shed $3.3333 to $41.6667, Proplastics Limited lost $1.0769 to $25.0000 and Hippo Valley Estates Limited lost $0.9607 to $200.0404. First Mutual Properties Limited traded $0.2500 lower at $10.0000.

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On the Exchange Traded Funds (ETFs), Old Mutual Top 10 shed $0.6512 to close the session at $5.3861 and Datvest Modified Consumer Staples ETF lost $0.1673 to $1.5327. CASS Saddle Agriculture Exchange Traded Fund remained flat at $2.0000, Morgan & Co made in Zimbabwe ETF added $0.1624 to $1.3740 and Morgan & Co Multi Sector ETF decreased by $0.6512 to $5.3861.

Market capitalization retreated to ZW$ 1.6 trillion from highs of ZW$ 3.8 trillion it reached mid-year. Turnover totaled ZW$ 71.8 million in today’s trading session with foreigners mainly selling off with just ZW$ 356 000 purchases.

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