Stock Market Weekly Review

08 Mar, 2024 - 00:03 0 Views
Stock Market Weekly Review The Zimbabwe Stock Exchange

eBusiness Weekly

Business Writer

The Zimbabwe Stock Exchange (ZSE) closed the week to February 28, 2024 positive.

The All Share Index increased by 3,98 percent to close at 516 753,82 points, compared to 496 993,42 points the previous week.

This increase was driven by gains in all key indices. The Top 10 Index rose by 5,99 percent to close at 230 902,14 points, and the Top 15 Index rose by 5,34 percent to close at 300,109.22 points.

The Small Cap Index saw the most significant gain, rising by 19,83 percent to close at 12 625 987,48 points.

Market capitalisation also increased significantly, reaching a total of $41 499 016 932, which represents a 6,23 percent increase from the previous week.

The positive performance comes amidst ongoing economic challenges in Zimbabwe, including high inflation and a depreciating currency.

However, the ZSE’s performance may reflect investor confidence in the long-term prospects of some Zimbabwean companies.

However, not all stocks recorded gains as some closed in the negative territory, though the losses were not enough to drag the market into the negative territory.

Notable losers included Ariston Holdings, which fell by 22,81 percent, and TSL Limited, which declined by 19,44 percent.

On the ETFs, Cass Saddle Agriculture ETF saw the largest drop, falling 10,71 percent during the week.

Datvest MSC ETF also closed lower, experiencing a 1,33 percent decrease in its share price.

Despite these losses, the positive performance of several heavyweight stocks, including those in the Top 10 Index, outweighed the negative performers, resulting in the overall market gain.

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