HomeBusiness DigestZSE breaks 50 million point barrier

ZSE breaks 50 million point barrier

THE industrial index broke through the 50 million point mark to close at 50 484 093,83 points on Wednesday, capitalising on weakening interest rates on the money market.

The mining index also closed on a positive note, gaining 0,65% to 15 609 727,00 points on the back of gain

s recorded in Bindura and higher bids in Hwange.

Underpinning the rise recorded in the Industrial Index were gains were recorded in among other counters PPC, up $500 000 to $15 500 000, BAT gained $50 000 to $750 000, Natfood advanced by $14 000 to $80 000, and DZL put on $12 000 to $35 000, while Delta traded $10 000 higher at $75 000.

Losses were however recorded in only three counters namely Apex, down $100 to $1 300, Zimsun eased $50 to $2 700, while Celsys shed $25 to close at $525.

In percentage terms, the highest gain was recorded in DZL, up 52,2%, whilst the greatest decline was recorded in Apex, down 7,1%.

In mining’s, Bindura gained $1 000 (6,7%) to $16 000, whilst Rio Tinto eased $25 000 (5,3%) to $450 000. No trades were recorded in other counters.

Precious metals traded mixed, with gold easing US$5 to US$583,50 per ounce, as traders remained cautious ahead of a two day US Federal Reserve meeting which will offer signals on the course of interest rates and determine the yellow metals direction.

Platinum shed US$11,00 to US$1 178,00 per ounce, whilst silver traded US$0,03 higher at US$10,40 per ounce.

Meanwhile, on the London Metal Exchange, base metals traded mixed to high, with lead registering the only decline, down US$23,75 to US$921,75 per tonne.

Leading the advances was nickel, up US$205,00 to US$20 852,50 per tonne, followed by copper which traded US$78,75 higher at US$6 999,25 per tonne.

Brent Crude Oil prices added a further US$0,20 to US$71,04 per barrel, on the back of US gasoline supply concerns, ahead of US weekly data pertaining to the supplies of petroleum products as traders await to see how much effect the closure of a key Louisiana waterway serving four refineries would have on crude inventories.

A total of 376 646 kilograms of flue cured tobacco were sold on day 40 of the 2005/6 tobacco marketing season under the auction system at an average price of USc193,91per kilogram, while under the contract system, a total of 560 698 kilogrammes were sold at an average price of USc216,65 per kilogram.

The seasonal mass sold to date under both the auction and contract system now stands at 20,7 million kilograms with a total value of US$39,3 million.

The money market opened $5,3 trillion down and was forecast to close $5,7 trillion in deficit.
Ninety- day NCD’s and BA’s of the same tenor were quoted marginally weaker between 350% and 480%, while Call rates were indicated unchanged from 3% to 10% and interbank overnight rates were quoted in the 680% to 750% range.

The central bank was on the money market with two 91-Day Treasury bill tenders.

On the first tender, a total of $414 billion was allotted out of the same amount at 510% across. The second tender attracted a total of $86 billion subscriptions and the full amount was allotted at an average rate of 510%. All bids were quoted at 510%. — bo.co.zw

Recent Posts

Stories you will enjoy

Recommended reading