ZSE opens new week in the green

Business Writer

The ZSE All Share Index opened the new week stronger at 25 345.22 points after gaining 562.33 points representing 2,27 percent gain.

The seed manufacturer, SeedCo, recovered $31.98 to close the day at $249.99, as miner RioZim firmed up $19.85 after the news of increased foreign currency retention to settle at $160.00. Telecoms giant Econet was $10.63 higher to close the session with a share price of $156.23.

Packaging materials manufacturer, Nampak, also added a $1.00 to see it trade at $15.00 whilst financial stock First Capital Bank, traded $0.76 stronger in the session to close at $15.17.

Trading in the negative was sugar wholesaler, Star Africa, which lost $0.12 to trade at $1.81, as African Sun which closed its Elephant Hills Hotel after failing to agree a new lease retreated by $2.12 to close at $33.87.

General Beltings Holdings was $0.09 lower at $1.60. Willdale which is seeking to offload its idle assets also decreased by $0.05 to end the day at $3.00 with First Mutual Properties trading $0.20 lower at $15.00.

In the derivative market, Old Mutual ZSE Top 10, retreated by $0.13 to trade at $7.71 per unit.

Cass Saddle Agriculture ETF traded unchanged at $2.25 and Morgan & Co Made in Zimbabwe ETF was also unchanged at $1.30.

The Datvest Modified Consumer Staples, ETF gained $0.06 to close the session at $1.52 and Morgan & Co Multi Sector ETF recovered $0.67 to close at $24.67.

Oil prices inched higher on Monday, recovering from an 8 percent fall last week to more than three-week lows, driven by expectations slower growth in major economies may limit fuel use.

Brent crude futures rose US17c, or 0,2 percent, to US$80.11 a barrel, while US West Texas Intermediate (WTI) crude futures slipped a cent to US$73.38.

Last Friday, WTI and Brent slid 3 percent after strong US jobs data raised concerns the Federal Reserve would keep raising interest rates, which in turn boosted the dollar.

Gold prices regained some ground on Monday but a firmer dollar and concerns that the US Federal Reserve might keep hiking interest rates kept bullion below the key US$1 900-an-ounce level.

Spot gold was up 0,4 percent at US$1 872.96 per ounce, after hitting its lowest level since January 6 earlier in the session. US gold futures rose 0,5 percent to US$1 886.00.