Wednesday, August 10, 2022

Profit taking pulls down DCI

Despite gains in ABCH and RDCP, profit takings in FNBB and Primetime pulled the Domestic Companies Index (DCI) marginally down by 0.21 percent to 7,391.79 points at the close of the market on Monday. Meanwhile the Foreign Companies Index (FCI) was unchanged at 1,803.59 points in the absence of no trades on the Foreign Equity Main Board. Volumes improved to 663,497 shares worth P1.2mn, an improvement from 26,404 shares worth P195, 000 that were traded the previous session. Most of the shares were skewed in favour of Letshego after the micro lender traded 605,998 shares valued at P1.5 m.

Aviva drills results
promising

Aviva Corporation said it has made further significant gold intercepts from its ongoing reconnaissance diamond drilling in Kenya. “The potential for higher grade open cut gold deposits in the Kakamega Camp has been further demonstrated by results from the Bushiangala prospect,” the company stated. The first reconnaissance holes in the Lake Zone at the Masumbi prospect have confirmed the potential for large low grade gold systems similar to those found elsewhere in the Tanzanian Craton hosting multi-million ounce deposits. “Going forward the company expects to release a resource estimate for the Bumbo base metals deposit later this month.” Aviva is listed in Botswana and has some projects in the country.

Gold drop on Bernanke’s
economic outlook

Gold prices dropped to levels around $1,800 an ounce after the Federal Reserve Bank chairman Ben Bernanke mentioned that economic growth will resume, boosting speculations that the Federal Reserve Bank may not add extra stimulus and eroding the appeal for haven instruments. Meanwhile Brent crude oil rose to levels above $112 a barrel as investors speculate that economic growth will recover in the U.S, spurring the demand for oil in the world’s biggest crude consumer.

(Motswedi Securities / The Telegraph)

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