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Business Reporter
Zimbabwe Stock Exchange market capitalisation declined 3,10 percent as the bourse cloaked its seventh straight loss last month weighed down by tight liquidity. The ZSE market cap closed the month of September at $3,63 billion during a period when huge losses were recorded across the board, including heavyweights.

However, despite the decline in the overall market capitalisation, the ZSE registered a 13 percent growth in turnover value in the period under review to $17,37 million.

Beverages maker Delta shed 2,34 percent, telecommunications giant Econet lost 4,64 percent, as diversified conglomerate Innscor peeled off 0,84 percent.

Top gainers were gold miner Falgold, up 25 percent, life assurance firm Fidelity 15,38 percent, as CFI added 13 percent, Turnall 11,11 percent and Dairibord 10,93 percent.

The heavy weight stocks accounted for the biggest contribution to the value traded on ZSE with Delta and Econet making up 34 percent and 26 percent, respectively.

Mid cap stocks CBZ Bank and Natfoods contributed 10,85 percent and 5,85 percent, respectively.

Total volume of shares traded went up by 37 percent to 104 million.

The performance of the stock exchange continues to be hampered by tight liquidity pervading the entire economy.

In other macro-economic news it is projected that Zimbabwe might register a decline in hectarage under tobacco crop next season as seed sales have declined by 30 percent compared to the same time last year.

In the fuel sector, Government last month revised and gazetted a new pricing model meant to be on the same level with regional standards in order to halt gross overcharging of petroleum products by unscrupulous dealers.

Data from the Reserve Bank of Zimbabwe showed that annual broad money supply rose 5,9 percent in July from 5,1 percent in June 2015.

Monthly broad money supply growth, however, recorded a 1,54 percent decline to $4,47 billion from $4,54 billion in June.

It was also reported that the Government also raised its gold buying price and reduced royalty charges for artisanal miners from 5 percent to 1 percent as part of efforts to discourage the smuggling of gold out of the country.

Zimbabwe and the EU (European Union) last week signed five financial agreements amounting to €89mn ($98mn) and expect to add another €40mn under the 11th European Development Fund (EDF) 2014-2020 National Indicative Program (NIP) by the end of this year.