EFE Securities •
10 months ago •
Market Commentary
MARKET COMMENT 05.01.2024
Bulls dominate as market wraps up the first week of 2024…
Bulls continued to dominate in Friday’s trades, as the primary All Share Index surged 5.59% to 253,617.96pts. The Blue-Chip Index firmed up 7.37% to 113,877.95pts anchored mainly by gains in Delta, CBZ and Econet. The Agriculture Index was up 1.66% to 663.28pts while, the Mid Cap Index gained 2.32% to 981,473.86pts. The duo of Edgars and ZB Financial Holdings led the gainers of the day as they jumped 15% to see the former settling at $115.0000 and the latter at $1,035.0000. Beverage giant Delta advanced 11.21% to $4,969.4052 despite having traded a high of $5,138.60 in the session while, RTG ticked up 9.38% to $175.0000 on scrappy 100 shares. TSL Limited capped the top five winners list of the day on a 9.09% uplift to end the day pegged at $1,200.0000. Bridgefort Class B led the laggards of the day on a 10.85% slid to $30.0000 as 100 shares exchanged hands while, fintech group Ecocash Holdings parred off 4.50% to settle at $214.5531. Turnall eased 2.29% to end the week pegged at $38.9231 while, cigarette manufacturer BAT dropped 0.49% to settle at $13,035.2941 despite having traded a low of $12,900.0000. Star Africa capped the top five losers pack of the day on a 0.35% retreat to end at a VWAP of $9.8739.
Activity aggregates were mixed in the session as volume traded declined 5.02% to 1.96m shares while, value traded increased by 25.08% to $1.79b. The top volume drivers of the day were Econet (38.38%), Ecocash Holdings (21.22%), Star Africa (11.29%) and Delta (9.02%). Heavies Delta and Econet drove the turnover aggregates of the day as they contributed a combined 82.55% of the value traded. A total of 154,750 units worth $2.80m exchanged hands in the ETF category. Cass Saddle ETF and Datvest ETF inched up 3.92% and 5.65% to $6.4600 and $11.6216 respectively. MCMS ETF dropped 0.01% to $514.9500 while, OMTT ETF stepped up 0.03% to settle at $42.9980. Tigere REIT was stable at $350.0000 as 284,535 units exchanged hands in the session.