EFE Securities •
2 months ago •
Market Commentary
MARKET COMMENT 02.09.2024
Mid Cap counters weigh down the market …
The ZSE market commenced the month of September in the red, mainly weighed down by Mid Cap counters that continued to experience selling pressure across the board. The All Share Index retreated 0.04% to settle at 200.40pts while, the Mid Cap Index was 0.62% lower at 170.54pts. The Agriculture Index parred off 0.93% to end weaker at 186.94pts while, the Blue Chip Index was 0.20% firmer at 207.94pts. Banking group CBZ led the laggards of the day on a 10.69% drop to $11.0729 while, property concern First Mutual plunged 10.00% to close at $0.3060. General Beltings eased 8.54% to settle at $0.0503 while, tea producer Tanganda tumbled 7.27% to close at $3.4999. TSL capped the top five worst performers’ list of the day on a 6.67% loss to $2.8000. Partially offsetting today’s losses was ART Corporation that soared 12.00% to $0.2800 while, sugar refiner Star Africa was 9.69% higher at $0.0110. Retailer OK Zimbabwe charged 9.65% to $0.8001 while, Nampak garnered 6.00% to close trading at $1.0600. Ecocash Holdings fastened the top five gainers’ list of the day on a 4.67% rise to $0.5061, post the released of a notice to advise shareholders on the scheme of reconstruction which obtained exchange control approval. Ecocash shareholders will be given 0.067807 Econet shares for one EcoCash share held and cash equivalent to 0.067807 Econet shares for one EcoCash share held.
Activity aggregates enhanced in the session as volumes traded jumped 168.43% to 2.34m shares while, turnover ballooned 168.76% to $3.60m. Star Africa led the volume aggregates of the day as it contributed 43.54% while, other notable volume drivers were SeedCo Limited, Ecocash and Econet that contributed a combined 36.5% of the total traded. Turnover drivers of the day were Delta, SeedCo Limited, Econet Wireless and Hippo that claimed a combined 91.94% of the aggregate. Morgan & CO Multi Sector ETF was 5.63% up at $0.4753 while, other funds remained stable at prior session’s prices. The Tigere REIT was 0.15% lower at $1.0011 as a circa of 1.64m shares traded in the session.