EFE Securities •

1 year ago •

Market Commentary

Market Comment - 16.01.2023

Heavy caps weigh down the market... The market slipped into the red in mid-month session as heavy capitalised stocks weighed on the ZSE to see their own index retreat 0.68% to 13765.98pts. The mainstream All Share Index let go 0.02% to 21976.83pts. Contrastingly, the ZSE Agriculture Index added 0.88% to 84.92pts while, the Mid Cap Index put on 1.82% to 42691.86pts. Banking group First Capital was the top decliner of the day as it dropped 10.04% to $14.3929. Following was SeedCo Limited that plummeted 2.79% to $95.0500 as retailer OKZIM dipped 2.67% to $43.7471. Conglomerate Innscor plunged 1.19% to settle at $691.5733 as Delta capped the top five fallers of the day on a 0.62% slump to $417.3630. Partially mitigating today’s losses were gains in RTG that jumped 15.00% to $11.5000. ART and Nampak gained a similar 14.29% to end pegged at $16.0000 and $12.0000 respectively. Meikles soared 11.08% to $150.0000 while, Dairibord surged 10.00% to $55.0000. Price movement was registered in twenty-four counters as thirteen counters gained against eleven fallers, leaving the market with a positive breadth of two. Volume of shares traded succumbed 54.76% to 3.30m while, turnover plummeted 57.19% to $227.09m. Volume leaders of the day were Proplastics, Econet, Axia and Star Africa that claimed a combined 76.55% of the aggregate. Value leaders of the day were Econet (31.41%), Proplastics (18.85%), Axia (15.80%) and Delta (14.36%). On the VFEX, a total of 32,506 shares worth USD$10,920.8520 exchanged hands. Simbisa and SeedCo International trimmed 2.05% and 0.15% to settle at USD$0.4814 and USD$0.3285 apiece. Padenga was stable at USD$0.3360 on 882 shares. Old Mutual ETF grew 7.14% to $7.5000 while, Datvest MCS improved 4.67% to $1.5700. Morgan and Co MIZ was unchanged at $1.3000 on 13,614 units. The Tigere REIT shed 2.16% to $53.0000 on 490 units worth $25,970.0000.