EFE Securities •
1 year ago •
Market Commentary
Market Comment - 09.01.2023
ZSE gains persist into the second week of 2023... The ZSE continued with last week’s positive momentum to see the four benchmark indices that we review end in the black. The ZSE All Share Index improved 1.37% to 21595.83pts while, the ZSE Top Ten Index rose 1.16% to 13777.40pts. The ZSE Agriculture Index put on 1.89% to end at 78.71pts while, the Mid Cap Index added 2.18% to close at 39890.76pts. Leading the market upswing was hotelier RTG that surged 13.68% to $10.8000 trailed by brick makers Willdale that jumped 12.62% to $2.7056. Banking group NMB advanced 9.35% to $43.7419 as Hippo grew 8.94% to $220.0498. Fintech group Ecocash went up 8.53% to $59.8285 as it capped the top five winners of the day. Partially offsetting today’s gains were losses in FBC that dropped 15.00% to $51.0000 as Mashonaland tripped 6.82% to $7.4545. Star Africa shed 5.97% to $2.0762 while, Axia slipped 5.85% to settle at $103.5617 having traded a low of $100.0000. Milk processor Dairibord retreated 4.17% to complete the top five shakers of the day at $38.3333. Activity aggregates declined in Monday’s session as volumes dipped 78.97% to 2.95m while, value outturn eased 35.49% to $401.58m. Volume leaders of the day were OKZIM, Proplastics, Econet and Innscor that accounted for a combined 74.87% of the aggregate. Value drivers of the day were Innscor, Delta, Econet and OKZIM that claimed 44.85%, 18.68%, 12.80% and 10.25% of outturn in that order. On the VFEX, Simbisa soared 18.20% to USD$0.5201 on 1,564 shares while, Seed Co International leapt 2.88% to USD$0.3390 on 583,412 shares. Padenga was stable at USD$0.2750 on 516 shares. The ETFs traded sideways in week-opener as Old Mutual Top Ten and MIZ rose 11.33% and 2.19% to settle at respective prices of $7.2693 and $1.3000. Morgan and Co MCS trimmed 4.26% to $21.8824 while, Datvest MCS shrunk 2.29% to $1.5000. A total of 115,211 units worth $269,288.25 exchanged hands. The Tigere REIT was unchanged at $54.1100 as 458 units traded.