EFE Securities •

1 year ago •

Market Commentary

Market Comment - 03.04.2023

Heavies drags down the market ... The market faltered in the month-opening session as heavies weighed down the ZSE to see their own index decline 1.71% to 22687.54pts. The All-Share Index retreated 1.01% to close at 38180pts. The ZSE Agriculture Index and the Mid Cap Index put on 1.78% and 1.22% to end at 145.70pts and 76227.10pts in that order. Telecoms giant Econet was the worst faller of the day on a 8.11% dip to $245.7197 followed by property concern FMP that shed a similar 8.11% to $15.0000. Banking group CBZ dropped 7.91% to $175.8909 while, Mashonaland Holdings trimmed 7.11% to settle at $13.9342. Fintech group Ecocash capped the top five shakers of the day on a 2.86% fall to $68.0000. Partially mitigating today’s losses were gains in banking group FBC that surged 14.76% to $113.0000. Tea company Tanganda jumped 11.11% to $350.0001 while, spirits and wines manufacturer AFDIS put on 5.00% to settle at $315.0000. Construction Masimba went up 2.11% to trade at $145.0000 while, Proplastics added 2.04% to close at a vwap of $96.9413. Nineteen counters registered price movements in the session as nine gained against ten that faltered to register a negative breadth of one. Volume of shares traded eased 17.20% to 2.30m while, turnover plunged 49.51% to $421.64m. Volume leaders of day were OKZIM (27.01%), Star Africa (20.34%), Econet (16.59%) and Delta (12.82%). Value drivers of the day were Delta, Econet and OKZIM that claimed a combined 90.29% of the outturn. On the VFEX, Simbisa slipped 0.66% to $0.4200, Bindura let go 0.51% to $0.0197 and Innscor slid 0.06% to $0.6500. A total of 391,781 shares worth USD$200,322.62 traded on the VFEX. The Old Mutual ETF was only active one amongst the ETFs as it tripped 5.00% to $9.5000 on 21,332 shares. Elsewhere, Simbisa released half year results in which PAT jumped 38% to USD$17.40m and the group declared an interim dividend of USD$0.0088 per share.