EFE Securities •
1 year ago •
Market Commentary
Market Comment - 15.02.2023
Heavies drag down the market... The ZSE recorded losses in the mid-week session mainly dragged down by heavies. The mainstream All Share Index receded 2.27% to 28325.82pts while, the Blue Chips Index retreated 3.47% to 17567.80pts. The ZSE Agriculture Index dropped 0.26% to end at 112.18pts. In contrast, the Mid-Cap Index rose 1.00% to close at 56642.74pts. Delta headlined the decliners of the day on a 7.14% dip to $540.7788 having traded an intraday low of $530.0000. Telecoms giant Econet succumbed 6.11% to $204.3924 while, hotelier RTG plunged 3.97% to end pegged at $10.0833. Seed manufacturer SeedCo Limited slid 2.90% to $223.3333 as microfinance group Getbucks slipped 2.17% to settle $22.5000. Partially mitigating todays’ losses was brick makers Willdale jumped 10.33% to $2.8687 as apparel retailer Edgars surged 10.09% to close at its all-time high of $12.0000. African Sun extended 9.02% to $59.5769 while; Ariston overturned previous day losses to record a 8.06% gain as it closed at $4.5000. Retailer OKZIM shored up 5.37% to $54.7448. Turnover jumped 146.77% to $1.66bn as Delta and Innscor claimed 59.46% and 29.47% of the aggregate apiece. Similarly, the volume aggregate rallied 24.48% to 5.30m as Delta, Ariston and Innscor accounted for a combined 73.05% of the total. Padenga added 2.12% to USD$0.2553 as SeedCo International 0.35% to USD$0.2599. Simbisa trimmed 1.33% to USD$0.4300 on 11,400 shares. Bindura was stable at $0.0210 post the release of its third quarter trading update in which ore mined was 49% lower and nickel concentrates sold were down 84%. Morgan and Co MCS was the top laggard amongst the ETFs as it shed 10.35% trailed by Cass Saddle which retreated 6.64%. The MIZ and Old Mutual ETFs softened 1.48% and 0.01% respectively. Contrastingly, the Datvest MCS edged up 3.21% to $1.5482. Elsewhere, Hippo Valley released a third quarter trading update in which tonnes of sugar produced decreased by 1% as export sales volume increased by 27%.