EFE Securities •
1 year ago •
Market Commentary
Market Comment-16.12.2022
Heavy and mid-cap counters lift the market... The ZSE positive trajectory persisted into Friday’s session as the mainstream All Share Index put on 2.16% to close at 15342.97pts. The ZSE Top Ten Index edged up 2.39% to 8964.41pts while, the Mid Cap Index shot up 2.12% to end at 34606.61pts. Property concern FMP surged 15.00% to end pegged at $11.5000 as it reversed prior session’s losses. Following was Axia that jumped 14.95% to $99.5700 as investors cherry picked the stock on the back of its notice to shareholders on relisting on the VFEX. Ariston soared 12.21% to $3.8150 as banking group NMB ticked up 11.24% to settle at $33.3724. Other notable gainers were seen in Delta (+5.40%), Innscor (+2.93%) and Ecocash (+1.36%). Retailer OKZIM completed the top five winners’ list on a 7.26% uplift to $30.0058. The negative movers of the day were ART that succumbed 13.49% to $11.3333 trailed by First Capital which dipped 5.18% to $10.3628. SeedCo limited dropped 4.15% to $69.1093 as Zimplow retreated 3.07% to $16.0000. Star Africa fastened the top five shakers of the day on a 2.89% loss to $1.4087. Gaining stocks outweighed falling ones by a count of eight as the market closed with a positive breadth of eight. Turnover tumbled 35.12% to $306.68m while, volume of shares traded improved 43.79% to 4.29m. The heavy cap duo in Econet and Delta anchored the value aggregate as they claimed a combined 60.78% of the outturn. Volume drivers of the day were Econet, OKZIM and Proplastics that contributed 45.88%, 14.90% and 9.17% apiece. Foreign sales amounted to $10.54m with nil purchases registered in the session. On the VFEX, a cumulative 10,715 shares worth USD$3,212.59 exchanged hands. SeedCo International went down 9.12% to USD$0.2990 as Simbisa rose 0.02% to USD$0.3101. The Cass Saddle ETF declined 1.11% to $1.7800 as Morgan and Co MCS trimmed 0.21% to $23.9500. The Old Mutual ETF was the only riser amongst the ETFs as it gained 0.22% to $5.4527. The Tigere REIT was stable at $34.0000 as 1000 units traded.