Market records losses on Wednesday

19 Jan, 2023 - 00:01 0 Views
Market records losses on Wednesday ZSE

eBusiness Weekly

Tapiwanashe Mangwiro

The ZSE All Share Index lost a further 237.10 points (1,09 percent) to close at 21 438.71 points.

Diaspora remittances grew 15.9 percent in 2022 to US$1.65 billion after around US$290 million was received in the last two months of the year.

In 2021, remittances stood at US$1.43 billion.

According to figures obtained from the central bank, November and December maintained the upward monthly growth averages and were in line with forecasts.  This means that Zimbabweans sent US$4.54 million home a day.

The data for outbound remittances and aid remittances was not immediately availed.

Diaspora remittances usually make up a sixth of the country’s foreign currency receipts and are the third largest forex earner next to gold and PGMS. In total, forex receipts are estimated to have closed the year above US$10 billion.

The largest losses were recorded in Innscor which decreased by $33.44 to close at $651.39, as Delta decreased by $13.76 to end the day at $390.55. Ecocash Holdings lost $4.85 to trade at $55.09.

First Capital in the session decreased by $1.53 to close at $13.04 whilst Zimplow retreated by $1.00 to end the day at $23.00.

Gains were recorded in Econet which increased by $17.72 to close at $138.23, whilst Proplastics added $3.20 to end the day at $35.20.

Seed Co Limited which has seen its board grant its request to move to VFEX gained $3.01 to $103.00. CBZ Holdings added $2.24 to $140.14 whilst Tanganda was $2.09 higher at $126.94.

Gold prices inched lower on Wednesday as the US dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses.

Spot gold dipped 0,3 percent to US$1 902.79 per ounce as US gold futures fell 0,2 percent to US$1 906.00.

Spot silver fell 0,1 percent to US$23.90 per ounce, platinum lost 0,6 percent to US$1 033.06 and palladium dropped 0,2 percent to US$1 740.30.

Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China’s strict Covid-19 curbs will lead to a fuel demand recovery in the world’s top oil importer.

Brent crude futures were up US$1.21, or 1,41 percent, to US$87.13 a barrel, while US West Texas Intermediate (WTI) crude futures were up US$1.36, or 1,7 percent, to US$81.54. Both were at their highest since early December.

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