EFE Securities •

1 year ago •

Market Commentary

Market Comment - 12.04.2023

ZSE slips further... The market slipped further in midweek session as the primary All-Share Index dropped 2.98% to 36787.99pts while, the Blue-Chip Index shed 4.00% to 21217.06pts. The Mid-Cap Index eased 0.12% to 80167.72pts while, the Agriculture Index edged up 1.25% to 151.12pts. Telecoms giant Econet Wireless led the laggards of the day on a 14.97% slump to $183.0647 on selling pressure while, Ecocash Holdings retreated by a further 13.27% to close at $52.7399 as demand continued to weaken. Bankers CBZ Holdings trimmed 11.29% to $177.4531, followed by First Capital Bank that declined 7.94% to $30.7835. First Mutual Properties completed the top five losers’ pack on a 6.85% drop to $20.7462. Headlining the gainers’ pack of the day was milk processor, Dairibord that jumped 14.99% to $114.9881, trailed by Ariston Holdings that rebounded 9.86% to end pegged at $11.0000. Tea processors Tanganda added 1.05% to $342.0846 while, RTG rose 0.98% to $16.7796. Zimre Holdings Limited capped the top five winners of the day on a 0.18% uplift to settle at $10.5224. The market closed with a negative breadth of five as thirteen counters went down against eight that gained ground. Activity aggregates enhanced in the session as volumes traded grew 98.89% to 3.40m shares while, turnover ballooned 165.78% to $874.25m. OKZIM, Delta and First Mutual Properties were the top volume drivers of the day as the trio contributed a combined 86.31% of the total. The top value drivers were Delta (79.38%) and OKZIM (13.66%). On the VFEX, Padenga, SeedCo and Simbisa surged 10.08%, 11.57% and 0.31% to close USD$0.1998, USD$0.2912 and USD$0.4209 respectively. On the contrary, Axia and Innscor succumbed 1.37% and 0.60% to USD$0.1005 and USD$0.6449 apiece. The Cass Saddle ETF fell 0.43% to $2.0373 while, MIZ ETF eased 0.60% to $1.9240. OMTT ETF dropped 2.32% to close pegged at $10.2077 while, the Datvest ETF was stable at $1.8500. The Tigere REIT tumbled 0.74% to settle at $50.6200 on scrappy 1,372 units.