EFE Securities •

3 months ago •

Market Commentary

MARKET COMMENT 14.08.2024

ZSE scratches gains post heroes holidays…
The ZSE market scratched gains post the heroes holiday as three of the four indices we review closed pointing northwards. The All-Share Index eked out negligible gains of 0.08% to 201.96pts while, the Mid Cap Index added 0.67% to settle at 177.26pts. The Agriculture Index advanced 1.48% to 190.52pts while, on the contrary the Blue-Chip Index was 0.28% weaker at 208.13pts. Seed technology group SeedCo Limited led the gainers of the day as it ticked up 14.46% to $3.9596, trailed by Ok Zimbabwe that garnered 5.69% to $0.8970. Banking group NMB edged up 5.48% to $3.1644 while, telecommunications group Econet gained 2.96% to end at $3.5000. Sugar processor Star Africa firmed up 2.04% to end trading at $0.0100. Partially weighing down the market was digital media group Zimpapers that fell 16.52% to $0.0460, followed by banking group FBC that plummeted 14.64% to $3.5000. Agriculture concern Ariston slipped 1.71% to close trading at $0.0400 while, cigarette producer BAT lost 1.16% to end at 45.0000, where demand could be found. Willdale capped the top five worst performers list of the day on a 0.65% retreat to $0.0330.
Activity aggregates were mixed in the session as turnover increased by 48.86% to 4.31m shares while, volume traded fell by 2.74% to 1.37m. The threesome of Zimre Holdings Limited, Ok Zimbabwe and Delta drove the volume aggregates of the day as they contributed a combined 77.7% of the total outturn. In the ETF category, a total of three funds registered trades in the session. The Datvest MCS was 1.19% lower at $0.0296 while, the Old Mutual Top 10 ETF parred off 0.44% to $0.1767. The Morgan & Co Multi Sector ETF was 4.17% higher $0.5000 as scrappy 400 shares exchanged hands in the session. In the REIT category the Revitus REIT was 6.39% higher at $0.6725 while, the Tigere REIT rose 0.52% to $1.0603 as 8,300 units traded in the session. Elsewhere, Tigere has issued a circular advising shareholders that it will hold an EGM on 29 August for the purpose to seek approval to purchase highlands Park Phase 2 for $11,294,810 through an issue of new 351,282,000 Tigere Units.