EFE Securities •

1 month ago •

Market Commentary

MARKET COMMENT -2024-05-24

Heavy cap counters Econet and Meikles lifted the market in week ending session. The ZSE All Share Index charged 2.46% to 99.47pts while, the ZSE Top Ten Index advanced 3.43% to close at 99.27pts. The Mid Cap Index edged up 0.66% to 100.26pts while, the ZSE Agriculture Index let go 0.01% to 93.13pts. Telecoms giant Econet surged 13.20% to end at $1.8041 having traded a high of $1.8325. Meikles rose 6.17% to $2.5481 on 3,400 shares. Proplastics put on 4.83% to $0.4193 while, Star Africa ticked up 3.67% to $0.0073. Property concern FMP went up 3.28% to end pegged at $0.3615. Financial services group ZB Bank led the decliners of the day on a 2.63% retreat to $1.8500 while, Ecocash shed 0.18% to close at $0.1635. SeedCo Limited slipped 0.09% to $1.7005 as banking group FBC trimmed a negligible 0.0023% to settle at $1.8345.

Volumes succumbed 45.90% to 502,600 shares while, turnover tumbled 70.40% to $1.08m. Volume leaders of the day were Econet, NMB and Delta that claimed a combined 75.01% of the aggregate.  Value leaders of the day were Econet and Delta with respective contributions of 45.25% and 35.16%. The Old Mutual ETF added 0.35% to close at $0.1099 on 4,400 units while, the Datvest ETF lost 0.53% to $0.0198 on 51,500 units. The Tigere REIT extended 1.61% to settle at $0.6500 as 97,284 units worth $63,234.60.