EFE Securities •

4 months ago •

Market Commentary

MARKET COMMENT 16/07/2024

ZSE rising streak continues in Tuesday’s trades…

The ZSE rising streak continued in Tuesday’s trades as all the four indices we review closed pointing northwards. The All-Share Index was 4.99% higher at 189.22pts while, the Blue-Chip Index charged 5.22% to breach the 200pts mark as it ended pegged at 202.25pts. The Agriculture Index jumped 7.06% to 163.77pts mainly buoyed by BAT, TSL and Dairibord. The Mid Cap Index added 3.45% to close at 151.63pts. Cigarette producer BAT led the gainers of the day as it inched up 15.00% to close at circuit breaker limit of $51.7495 as 1,000 shares exchanged hands in the name. TSL edged up 14.99% to $2.6230 while, Dairibord trailed behind with a near similar gain of 14.98% to settle at $1.7500. Cable manufacturer Cafca advanced 14.62% to end at $14.9000 while, banking group ZB Financial Holdings fastened the top five gainers’ list of the day on a 13.03% upsurge to $9.2909. Retailer Ok Zimbabwe led the laggards of the day as it dropped 8.16% to $0.5050 while, Star Africa shed 7.07% to close at $0.0075. Property concern Mashonaland Holdings trimmed 3.70% to $0.2600 as scrappy 2,800 shares traded in the session while, Ecocash was 1.39% lower at $0.4350. General Beltings fell 0.40% to $0.0500 as it capped the top five losers’ list of the day.

Activity aggregates improved in the session on the back of book overs mainly done by institutional players. Volumes traded rose 5.03% to 6.94m shares while, turnover jumped 95.52% to $27.58m. OK Zimbabwe, Delta, Econet and Star Africa led the volume drivers of the day as they claimed a combined 84.66% of the aggregate. In the turnover category, activity was mainly confined in Delta that claimed 75.04% of the total value traded. In the ETF category, the Datvest MCS ETF garnered 14.86% to $0.0270 as 6.79m units traded in the fund. The Tigere REIT was 3.96% up at $0.7404 while, the Revitus recorded no trades in the session.