EFE Securities •
1 year ago •
Market Commentary
Market Comment - 09.02.2023
Market maintains a positive trajectory... The market maintained a positive trajectory for the eleventh consecutive day in an actively traded session. The primary All Share Index rose 3.33% to 29,631.60pts while, the Blue-Chip Index advanced 3.83% to 18,844.57pts lifted by gains in Econet and Ecocash. The Mid-Cap Index increased 1.98% to close the day at 55,373.79pts while, the Agriculture Index contrastingly dropped a negligible 0.06% to record 112.68pts. Telecoms giant Econet was the major rise of the day locked at the top end of the circuit breaker at 15% to trade at $218.5500. Fintech Ecocash followed on a 14.89% rise to close at $70.5636 while, Hotelier African Sun extended gains from prior session adding 14.36% to $48.0300. First Mutual Properties edged up 13.09% to $16.9631, followed by Afdis which reversed yesterday’s losses by 8.36% to $282.0206 capping the top five risers. Leading the laggards of the day was Bridgefort losing 13.04% at $8.000, followed by Mash dropping 11.85% to $7.0928. Meikles declined 3.66% to trade at $173.2500 while, Tanganda retreated 0.64% to $183.1887. CBZ completed the top five losers at $145.0000 losing 0.56%. Market breadth was positively skewed as there were twenty-one gainers and nine losers. Volumes traded rose 103.68% to 16.2m shares as Masimba, Econet and Delta contributed a combined 67.53% of the outturn while, turnover added 126.38% to $4bn. Delta highlighted the turnover for the day contributing 44% of the total, other notable value drivers were Innscor (18.82%) and Econet (18.61%). On the VFEX 28,825 shares exchanged hands as Padenga traded 28,825 shares at unchanged price of $0.2865. Simbisa, NatFoods and Bindura were stable at $0.4300, $1.8100, and $0.0214 respectively while, Seedco International dropped a negligible 0.01% to $0.2600 on 445 shares. On the ETF section, 84,925 units traded for a value of $200,633.68 with trades recorded in all listed ETFs. The Tigere REIT traded 4,458 shares at a stable price of $50.6200.