ZSE records 5.18 pc gains on Tuesday

The Zimbabwe Stock Exchange (ZSE) All Share Index soared 1,313.40 points representing 5,18 percent higher to close at 26 658.62 points.

All Share Index was driven by positive trades in Delta, which added $73.70 to see its shares trade at $565.20 each, and CFI Holdings which is said to be venturing into low cost housing firmed up $64.50 to settle at $494.50.

For a second day running, telecoms giant, Econet recorded gains as it was $9.06 higher to trade at $165.32.  After its shareholder approval to migrate to the VFEX, consumer discretionary stock Axia also added a further $6.12 in the day to close at $125.05 as OK Zimbabwe was $3.60 stronger at $48.09.

Trading in the negative was Mashonaland Holdings that lost $0.69 to slip to $8.00 per share and Willdale which is still negotiating the sale of its idle assets retreated by $0.01 to $2.99.

After declaring its first dividend, the Tigere Real Estate Investment Trust remained flat at $50.62.

Old Mutual ZSE Top 10 added $0.26 to $7.97, with the Cass Saddle Agriculture ETF trading unchanged at $2.25.

The Morgan & Co Made in Zimbabwe ETF was $0.01 up at $1.30. Datvest Modified Consumer Staples ETF gained $0.05 to move to $1.57 per unit and the Morgan & Co Multi Sector ETF increased by $0.33 to close at $25.00.

Gold prices rose on Tuesday as the dollar pulled back slightly, with traders awaiting US Federal Reserve chair, Jerome Powell’s speech later in the day for hints about future rate hikes after last week’s strong economic data.

Spot gold was 0,4 percent higher at US$1 873.96 an ounce, after hitting its lowest since January 6 in the previous session. US gold futures rose 0,4 percent to US$1 886.60.

Gold is sensitive to high interest rates, which lift the opportunity cost of holding the non-yielding asset.

Spot silver rose 0,3 percent to US$22.33 an ounce, platinum eased 0,1 percent to US$970.94 and palladium edged 0,1 percent lower to US$1 596.74.

Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages after the shutdown of an export terminal after an earthquake in Turkey.

Brent crude futures rose US82c, or 1,01 percent, to US$81.81 a barrel, while West Texas Intermediate futures rose US82c, or 1,11 percent, to US$74.93 a barrel. – Business Weekly

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