EFE Securities •

5 months ago •

Market Commentary

MARKET COMMENT 07.08.2024

ZSE slips back into losses in mid-week session…
The ZSE slipped back in losses in the midweek session to see the primary All Share Index retreating 0.18% to 200.77pts while, the Agriculture Index fell 0.54% to 207.62pts. The Agriculture Index gained 0.96% to 185.65pts while, the Mid Cap Index firmed up 0.31% to 175.67pts. Fintech group Ecocash Holdings led the laggards of the day on a 14.74% drop to $0.4419, followed by Zimre Holdings Limited that trimmed 6.25% to $0.3000. Star Africa tumbled 4.22% to $0.0096 while, construction company Masimba shed 1.70% to close at $2.6000. Life assurer Fidelity capped the fallers of the day on a 0.41% retreat to end the day pegged at $1.2025. Partially mitigating today’s losses was logistics company Unifreight that surged 14.93% to $1.4050m, followed by FMP that went up 14.11% to settle at $0.3806. ART Corporation advanced 12.96% to $0.1700 while, seed producer SeedCo recovered 10.20% to $3.1127. The market closed with a positive breadth of four as thirteen counters recorded gains against nine that faltered.
Activity aggregates were depressed in the session as volumes traded dropped 29.12% to 2.41m shares while, turnover declined 71.38% to $4.05m. Top volume drivers of the day were Zimre Holdings Limited (42.85%), Econet (13.25%), Star Africa (10.83%) and OkZim (8.78%). The trio of Econet, Delta and CBZ accounted for a combined 60.09% of the total value traded. Only a total of 6,950 units exchanged hands in the ETF section as Datvest ETF added 1.62% to $0.0300 while, OMTT ETF eased 0.65% to $0.1773. Tigere REIT declined 0.01% to end the day pegged at $1.0000.