EFE Securities •

1 year ago •

Market Commentary

Market Comment - 07.03.2023

Market rebounds in Tuesday''s session… The ZSE reversed prior session losses to see all the benchmark indices that we review close pointing northwards. The All-Share Index went up 0.76% to 29235.22pts while, the Top 10 Index grew 0.41pts to 16884.47pts. The ZSE Agriculture Index was 1.89% higher at 122.92pts as the Mid-cap Index climbed 1.13% to 64801.43pts. Cable manufacturer Cafca held the first position of the gainers after a 14.99% jump to $349.8500 followed by Ariston Holdings that improved 14.91% to $9.9000. Brickmaker Willdale surged 14.52% to $3.5500 while, Turnall was 13.05% stronger at $7.5043. Packaging group Nampak capped the top five winners of the day on a 13.04% surge to $26.0000. Star Africa was the worst performer of the day after a 4.78% retreat to $1.8102. Trailing was CBZ that shed 1.26% to close at $140.0714 as Zimre Holdings eased 0.45% to $10.9500. Proplastics trimmed 0.06% to $79.9500 as Hippo slipped a negligible 0.00196% to settle at $499.9902. The market enjoyed a positive breath of seventeen as twenty-two counters advanced against five that shrunk. Activity aggregates were improved in the session as reflected in volumes that rose 5.32% to 2.30m shares while, value outturn soared 93.17% to $281.96m. The main value drivers of the day were Delta, Econet and African Sun with a combined 81.82% contribution to the outturn. Volume leaders were Econet (22.81%), Truworths (19.85%), African Sun (18.47%), Edgars (12.16%) and Delta (8.32%). On the VFEX, Innscor declined 8.46% to trade at USD$0.7300 while, Simbisa ticked up 0.11% to USD$0.4500. Padenga Holdings stepped up 0.56% to USD$0.2514 on 350 shares. Bindura and the newly listed Axia were stable at USD$0.0201 and USD$0.1400 apiece. The ETFs traded a cumulative 74,899 units worth $470,801.50. Morgan & Co MCS was the only ETF to register price movement as it dropped 5.98% to $21.6250. Tigere REIT was 6.24% weaker at $47.4540 on 2,385 units.