malvernmugadzikwa
Business Writer
The Zimbabwe Stock Exchange closed in the red zone as investors profited from recent gains.
The market rerouted south amid concerns of depressed activity on the local bourse occasioned by continued constraints in RTGS liquidity.
“Month on month, the market shed off 12,2 percent in nominal terms to a Market Cap of $1,64 trillion, whilst the local currency depreciated 5,6 percent on the parallel market versus a 3,59 percent negative movement on the auction,” advisory firm, Inter Horizon Securities (IH) said in its latest monthly snapshot.
“As a result, the stock market in real terms lost 16,9 percent to close the month of November at US$1,94 billion, trending below the five-year average market cap of US$4 billion. Average daily value traded for the month of November fell from an equivalent of US$0,55 million in October, down to US$0,43 million.”
Total volumes traded were also down 55,2 percent to 90,8 million.
At close, the mainstream ZSE All Share lost 0,45 percent to close at 14 778.48 points. Market breadth was negative, as 14 losers were reported compared to eight gainers.
The Top 10 Index was off 0,83 percent to end at 8 658.72 points on Econet, which garnered 0,43 percent to finish at $73.74.
On the flip side, BAT and CBZ shed 3,54 percent and 3,16 percent to end at $2 990.00 and $124.00 respectively. Innscor eased 0,67 percent to finish at $345.80.
Axia led gainers, appreciating by 1,87 percent to close at $64.19 after the board approved the delisting of the company from the ZSE, immediately followed by its listing on the Victoria Falls Stock Exchange.
“We believe that the steady increase in USD sales for listed companies will sustain the trend in ZSE listed companies migrating to the VFEX,” IH said.
First Capital grew 1,22 percent to end the day at $9.98. SeedCo Limited went up by 0,07 percent to $75.35. Tanganda rose to $80.50, notching up 0,04 percent in the process.
On the other hand, NMB shed 3,23 percent to end yesterday’s trade at $30.00. Mash Holdings fell to $17.14, losing 4,57 percent in the process.
Market turnover declined by 73,05 percent to $269 million. Transactions in the shares of Delta topped the activity chart with 528 900 shares worth $129,58 million.
Market capitalisation was down 0,45 percent to $1,65 trillion.
The Datvest ETF gained 0,02 percent to $1.68, while the Morgan & Co Made in Zimbabwe rose 0,63 percent to $1.3887. Others remained flat.
Tigere REIT recovered 0,15 percent to $33.5507
Oil prices fell in a volatile market on Tuesday, as a stronger dollar and economic uncertainty offset the bullish effect of a price cap placed on Russian oil and prospects of a demand boost in China.
Brent crude futures fell US$9c, or 1,09 percent, to US$81.78 a barrel. West Texas Intermediate crude (WTI) fell US$79c, or 1,03 percent, to $76.14.
Gold prices edged up on Tuesday, helped by a slight pullback in the US dollar, which makes the greenback-priced bullion less expensive for buyers holding other currencies.
Spot gold was up 0,4 percent at US$1 775.69 an ounce. US gold futures rose 0,3 percent to US$1 787.10. The dollar index was down 0,2 percent.
Bongani Ndlovu