EFE Securities •

9 months ago •

Market Commentary

MARKET COMMENT 03/10/2023

Market charges ahead in the month opening session…

The market continued to charge ahead in the new month as all the four indices we review closed pointing northwards. The All-Share Index surged 5.23% to settle at 133,270.45pts while, the Blue chip Index firmed up 7.80% to close at 60,971.85pts buoyed by Delta and OK Zimbabwe. The Mid-Cap Index rose by 0.94% to end at 502,702.38pts while, the Agriculture Index was up 0.18% to end pegged at 519.84pts. Banking group NMB headlined the gainers’ list of the day as it charged 15.00% to close at $247.9000, trailed by beverages giant Delta that advanced 14.85% to settle at $2,636.5281. Retailer OK Zimbabwe edged up 14.04% to end the day pegged at a VWAP of $136.9677 while, insurance giant First Mutual Holdings garnered 12.29% to $245.0000. Asbestos manufacturer Turnall capped the day at $23.6492 following a 7.50% ascent, as it fastened the top five winners of the day. A total of fifteen counters registered price movements, segregated into eleven gainers and four losers, leaving the market with a positive breadth of seven. Trading in the negative territory were three counters headlined by General Beltings which plunged 13.04% to close at $10.0000. Tea producer Tanganda was 0.03% lower at $912.7527 while, property concern First Mutual lost a negligible 0.02% to settle at $124.9308.

Activity aggregates faltered in the session as volumes traded declined 91.82% to see 923,348 shares exchange hands while, turnover fell 49.32% to close at $984.81m. The threesome of Delta, Willdale and First Mutual Properties led the volume drivers of the day with a combined contribution of 66.06%. Delta claimed the lion’s share of the value aggregate at 84.92% of the total. In the ETF category, Morgan & Co Made in Zim ETF was 0.30% weaker at $7.8261 while, Datvest MCS gained a negligible $0.0002 to close pegged at $6.7952. The Tigere REIT was 0.01% lower at $234.9674 as 13,254 units traded.