EFE Securities •
8 months ago •
Market Commentary
MARKET COMMENT 14.11.2023
Selected heavies weigh down the market…
Selected heavies weighed on the market in Tuesday’s session as three of the four indices we review closed in the red. The All-Share Index was 0.29% weaker at 171,750.98pts while, the Blue-Chip Index retreated 0.61% to 74,788.91pts. The Agriculture Index faltered 0.98% to 589.08pts while, the Mid Cap Index rose 0.38% to 721,675.76pts. Headlining the losers of the day were heavy cap counters that clinched the top four spots in the laggard’s category with OK Zimbabwe leading after succumbing 12.84% to settle at $165.0180. Seed technology group SeedCo Limited trailed on a 10.01% loss to $726.6953. Beverages giant Delta continued to lose ground in the session as it plummeted 2.02% to $3,234.9246 while, fintech group Ecocash eased 1.90% to $112.9497 on selling pressure. Sugar producer Star Africa shed 0.74% to $4.4000 as it capped the top five shakers of the day. Partially offsetting today’s losses was life assurer Fidelity that charged 15.00% to $207.0000, albeit on scrappy 500 shares while, First Mutual Holdings advanced 8.11% to $850.0000. Telecommunications group Econet continued on an upward trend as it firmed up 5.08% to $630.9721, having traded a high of $650.0000 while, Zimre Holdings Limited notched up 0.32% to close at $130.0000. Sugar producer Hippo eked out narrow gains of 0.09% to $2,001.7628.
Activity aggregates traded mixed in the session as turnover rose 1.07% to $3.12bn while, volume traded tumbled 56.69% to see 8.45m shares exchange hands. OK Zimbabwe continued to dominate the volume category in the session as it contributed 66.20% of the aggregate. The other notable volume driver was Econet with a 13.16% contribution. Turnover drivers of the day were OK Zimbabwe, Delta, Econet and SeedCo with a combined contribution of 87.60% of the total. In the ETF category, only one fund registered price movements in the session. The Old Mutual Top Ten ETF gained 1.60% to $35.0000 as 2,600 units exchanged hands. The Datvest MCS was stable at $9.0000 on 5,749 units. The Tigere REIT was up 0.71% to close at $254.8886.