Bears camp on ZSE as Mid Caps falter

16 Nov, 2022 - 00:11 0 Views
Bears camp on ZSE as Mid Caps falter Listed companies bleeding, waiting for MPS

eBusiness Weekly

The Zimbabwe Stock Exchange ended Tuesday’s trading session on a negative note with the mainstream All Share Index dipping by 0,70 percent to close at 13 938.02 points.

Total market capitalisation tracked southward after retreating by $16,31 billion to $1,67 trillion.

Market breadth, a barometer for determining the level of investor sentiment, was negative on account of 13 losers compared to 10 stocks that gained value.

Among the heavyweights, Hippo added 2,05 percent to close at $199, Ecocash climbed by 1,80 percent to $37,87 as investors were moved by the firm’s positive set of half-year results for the period ended August 31, 2022. The firm did not declare a dividend.

The Top 10 Index was down 0,67 percent to close at 7 938.80 points. Losses were recorded in Econet and Axia, which eased 6,69 percent and 2,18 percent to settle at $69.98 and $64.99, respectively.

Nampak recorded the biggest fall as it declined by 15 percent to $8.50. First Capital Bank lost 11,69 percent to trade at $9.18. SeedCo Limited depreciated by 6,27 percent to $84,35.

The Medium Cap Index was off 0,80 percent to close at 32 945,28 points.

On the other side, FML led the gainers’ group with a price appreciation of 8,04 percent to trade at $24,85 while Mash Holdings improved by 2,56 percent to $7,99. OK Zimbabwe gained 1,23 percent to quote at $29,09.

The Small Cap Index recovered 0,01 percent to 516 263.29 points.

Market turnover declined from yesterday’s $330,46 million to $215,13 million.

There were no trades recorded at VFEX.

The Old Mutual Limited ETF was the only gainer, up 4,58 percent to $5,49. On the flip side, the Datvest ETF fell 0,08 percent to close at $1,6106, Morgan & Co Made In Zim ETF rose 6,7 percent to $1,1196 and Morgan & Co Multi-Sector ETF eased 3,32 percent to $20.

Oil prices fell by more than US$1 a barrel on Tuesday as rising Covid-19 cases in China renewed the fear of lower fuel consumption from the world’s top crude importer.

Brent crude futures fell US$1.07, or 1,15 percent, to US$92,07 a barrel, after settling 3 percent lower on Monday.

US West Texas Intermediate crude fell by US$1,25, or 1,46 percent, to US$84.62, after tumbling 3,5 percent in the previous session.

Gold hovered near a three-month high on Tuesday, as a top US central bank official’s comment raised hopes that the Federal Reserve would adopt a less aggressive approach on rate hikes, while an uptick in the dollar kept gains in check.

Spot gold was flat at US$1 771.00 an ounce, after hitting its highest since August 17 on Monday.

US gold futures edged 0,2 percent lower to US$1 774.30 an ounce.

Spot silver rose 0,2 percent to US$22 an ounce. Platinum gained 0,2 percent to US$1 019.50, while palladium was steady at US$2 025.

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