ZSE All Shares index slips, bitcoin spiral continues

HARARE,– The Zimbabwe Stock Exchange All Shares index dropped 0,64 percent on Wednesday to 93,24 points on losses by Econet and some mid-cap stocks.

The Top 10 index also dropped 0,71 percent to 92,84 points.

The mining index, however advanced 0,11 percent to settle at 134,52 points on gains recorded by Bindura.

Market capitalisation stood at $8,83 billion while market turnover amounted to $2,39 million.

Mobile operator Econet eased 4,59 percent to trade at 82,27 cents while Barclays shed 5,45 percent to settle at 5,2 cents.

Meikles, Zimre and Dairibord dropped 5,36 percent, 3,24 percent and 0,45 percent to trade at 30 cents, 2,99 cents and 11 cents in that order.

On the gainers pack, Delta and Simbisa added 0,59 percent and 2,27 percent to settle at 157,52 cents and 45 cents respectively.

Additionally, Unfreight Africa and Zimplow gained 2,11 percent and 3,58 percent to trade at 1,45 cents and 8,1 cents respectively.

On the resources space, Bindura added 0,44 percent to settle at 4,52 cents while other mining counters remained at previous day prices.

Foreigners purchased shares worth $1,57 million compared to sales which amounted to $60,886.

Bitcoin falls below $10k

The digital currency bitcoin slipped further on Wednesday to trade below $10,000 globally for the first time since November last year as negative news from South Korea continue to pile up.

Bitcoin is currently trading at $17,400 on the local exchange Golix , down from $19,602 on Tuesday, implying a 80 percent premium over the global price of $9,615.

In December last year, Bitcoin once reached an all-time high of $30,000 at Golix, while on the international market the digital currency breached an all-time high of $20,000 in the same month.

This implies that globally, the cryptocurrency has thus far lost over 50 percent in value since November.

At the local exchange Golix, the cryptocurrency is trading nearly double the global market price partly because the local market does not absorb shocks at the same pace as the international markets because of an acute shortage of hard currency, with local buyers paying a huge premium to settle foreign obligations. – Source

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