eBusiness Weekly
Business Writer
The ZSE All Share Index ended the week in the negative after shedding 71.16 points or 0.47 percent in a week where the central bank has said it will not reduce its interest rates until 2023.
Losses were recorded in tobacco processor and cigarette manufacturer BAT plunged by $175.00 to close the week at $3 000.00, whilst telecoms giant Econet also slumped by $1.74 in the session to close with a stock value of $86.77.
Conglomerate Innscor lost $1.09 leaving its shares priced at $340.45 each. Fast foods retailer Simbisa’s share price decreased by $1.02 to close at $240.31 as it continued to trade under cautionary.
Financial services firm First Capital which is holding its grand draw tomorrow went down by $1.01 to trade at $9.59.
Trading in the positive and partially offsetting the losses was Tanganda which increased its valuation by $5.00 per share to $90.00, and diversified firm Zimplow which added $0.45 in the session to $18.25. Whilst Seed Co gained $0.43 to close at $82.48.
First Mutual Properties traded $0.30 higher at $8.90 as Dairibord also went up by $0.25 to end the week at $49.75 per share.
In the derivatives market, the Morgan & Co Multi Sector ETF lost $0.01 to $21.65 whilst DATVEST Modified Consumer Staples ETF decreased by $0.01 to $1.75. Cass Saddle Agriculture ETF, Morgan & Co Made in Zimbabwe ETF and Old Mutual ZSE TOP 10 remained flat at $2.00, $1.06 and $5.22 respectively.
Oil rose by more than 3 percent on Friday as the dollar eased, with an EU ban on Russian oil looming large and investors weighing the prospects for an easing of China’s Covid-19 curbs.
Though fears of global recession capped gains, Brent crude futures were up US$3.29, or 3,48 percent, at US$97.96 a barrel, set for a weekly gain of more than 2 percent.
US West Texas Intermediate (WTI) crude futures were up US$3.52, or 3,99 percent, at US$91.69 and on course for a weekly gain of more than 4 percent.
Gold prices edged higher after the dollar took a breather, though bullion was headed for a second straight weekly drop as the US Federal Reserve’s hawkish policy narrative clouded outlook for the non-yielding asset.
Spot gold was up 0,4 percent at US$1 635.71 per ounce, but lost 0,4 percent so far this week.
US gold futures rose 0,5 percent to US$1 638.20. Spot silver rose 0,4 percent to US$19.54, platinum was flat at US$918.68 and palladium gained 0,6 percent to US$1 811.92.
