EFE Securities •

6 months ago •

Market Commentary

MARKET COMMENT 13/05/2024

 ZSE advances further in Monday’s trades…

The ZSE market advanced further in Monday’s trades as all the four indices we review closed pointing northwards. The All-Share Index was 0.25% higher at 94.24pts while, the heavy cap Index rose 0.49% to 92.23pts. The Agriculture Index was 0.38% firmer at 89.21pts while, the Mid cap Index added 0.30% to end at 96.17pts. Fintech company Ecocash that is trading under a cautionary notched up 11.78% to close at $0.2400 while, insurance company First Mutual Holdings was 6.10% up at $1.7400. Tea producer Tanganda closed at $1.8525 following a 2.92% ascent while, hotelier Rainbow Tourism Group jumped 1.17% to $0.2125. Sugar processor Star Africa inched up 1.02% to $0.0099. Retailer Ok Zimbabwe led the laggards of the day on a 8.96% drop to $0.4907 as scrappy 2,200 shares traded in today’s session. Telecommunications giant Econet eased 2.60% to end at $1.2515 while, beverages group Delta was 0.19% lower at $7.1004. Packaging company Proplastics shed 0.11% to settle at $0.4495. General Beltings capped the top five worst performers of the day as it lost a negligible 0.001% to $0.0502 as only 300 shares traded in the name.

Activity aggregates were depressed in today’s trades as volumes traded fell by 5.23% to see 2.96m shares worth $4.45m exchange hands. This represented a 13.68% decline in turnover. Econet led the volume drivers of the day as it claimed 87.89% of the total traded. In the turnover category, activity was mainly seen in Econet and Delta as they claimed a combined 93.20% of the turnover traded. In the ETF category, only two funds registered trades in today’s session as Morgan & Co Made In Zimbabwe was stable at $0.0100 on 14,650 units exchanging hands. In the same vein, Old Mutual Top 10 ETF was stable at $0.1100 as 2,250 units traded. The Tigere REIT was 5.11% higher at $0.6307 as 14,740 units traded in today’s session.