EFE Securities •
6 months ago •
Market Commentary
MARKET COMMENT 03.01.2024
Resurgent demand in heavies lift the market in Wednesday’s trades…
The market-maintained gains into the second session of the year to see all the four indices under our review closing pointing northwards. The All-Share Index was 4.31% higher at 223,005.30pts while, the Top 10 Index notched up 4.97% to settle at 96,450.75pts. The Mid Cap Index was up 1.88% to close pegged at 943,640.76pts as the Agricultures Index added 1.53% to end at 637.59pts. Wines and Spirit manufacturer AFDIS topped the gainers list of the day as it charged 15.00% to $2,990.0000 while, cable producer Cafca buttressed prior sessions’ gains as it garnered 14.99% to $4,422.4500. Seed producer SeedCo recovered 14.89% to settle at $990.0000 as scrappy 600 shares exchanged hands in the counter. whiles surer Fidelity surged 14.81% to close trading at $310.0000 while, property concern Mashonaland Holdings closed at $160.0000, following a 13.07% uplift as it capped the top five riser list of the day. Partially weighing down the market was Turnall that plummeted 8.93% to $36.4286 while, brick manufacturer Willdale parred off 0.98% to close at $39.8630. Dairy processor Dairibord eased 0.16% to end the day pegged at $606.0000 while, Zimre Holdings Limited continued to lose ground in the session as it plunged 0.02% to $174.9500.
Activity aggregates improved in the session as volumes traded increased by 14.26% to 2.06m shares while, turnover ballooned 122.68% to see $1.43bn exchange hands. Volume drivers of the day were OK Zimbabwe, Star Africa, Econet and Delta with respective contributions of 32.24%, 22.03%, 14.99% and 10.77% in that order. Turnover drivers of the day were Delta and Econet as they claimed a combined 76.15% of the value traded. The Datvest ETF inched up 11.48% while, Cass Saddle ETF was 5.80% higher. Trading in the negative were the Morgan & Co Multi Sector and the Old Mutual Top 10 that dropped 0.96% and 0.97% respectively. The Morgan & Co Made in Zimbabwe was stable at 9.50 as 62,300 units traded. The Tigere REIT retreated 2.02% to $339.4862.