EFE Securities •

1 year ago •

Market Commentary

Market Comment - 16.05.2023

ZSE in the black as bulls rage... The ZSE closed the day in the black as bulls raged on the market with the All-Share Index putting on 9.50% to close at 74,913.15pts while, the Blue chip Index garnered 11.34% to close at 46,407.04pts buoyed by gains in SeedCo and Econet. The ZSE Agriculture Index gained 1.95% to settle at 252.81pts while, the Mid Cap Index extended prior session gains by 3.24% to close at 130,738.61pts. Headlining the gainers’ list of the day was SeedCo Limited that edged up 14.99% to $340.2000 while, digital group Zimpapers inched up 14.94% to settle at $7.5400. Property concern First Mutual notched up 14.92% to settle at $44.3000 while, Econet continued to enjoy the rising tide as it firmed 14.87% to close at a VWAP of $562.1150. Sugar processor Star Africa ticked up 14.81% to settle at $2.3501. Cigarette manufacturer BAT led the laggards of the day as it plunged 6.91% to settle at $5,855.5528 while, roofing supplier Turnall dwindled 3.49% to $8.2965. Proplastics parred 0.25% to close at $249.3848 as it capped the worst performers’ list of the day. Activity aggregates improved during the session as demand continued to increase across the market. Volume of shares traded surged 392.71% to see 7.54m share trade while, turnover ballooned by 2086.63% to $4.29bn. Econet was the most sought-after stock during the session as it claimed 56.82% of the volume and 56.02% of the turnover. Other volume leaders of the day were OKZim and Delta that contributed a combined 24.29% of the aggregate. Delta contributed 35.41% of the turnover traded. In the ETF category, four of the five listed ETF’s recorded double digit gains in the session. Morgan & Co MCS and Old Mutual Top 10 ETF were the major gainers in the session as they added 13.75% and 13.28% respectively. The Tigere ETF was 14.87% up at $58.1485 on 13,960 units.