EFE Securities •

1 year ago •

Market Commentary

MARKET COMMENT 16.10.2023

Heavies lift the market despite liquidity challenges…

Top capitalised counters lifted the market in week opening session, despite constrained liquidity across the board. Three of the four indices we review capped the day pointing northwards as the All-Share Index added 0.31%  to 139,056.84pts. The Blue-Chip Index advanced 0.66% to 61,525.12pts while, the Agriculture Index went up 0.70% to 514.03pts. On the contrary, the Mid Cap Index faltered 0.37% to 564,120.12pts. Heavies dominated the top five gainers’ list of the day as they clinched all the spots with SeedCo leading the pack on a 7.22% surge to $644.0000. Bankers CBZ inched up 2.51% to $1,670.9756 while, telecommunication giant Econet closed at $476.8674 following a 0.82% ascent. Tea producer Tanganda was 0.55% firmer at $920.0000 while, beverages producer Delta fastened the top five winners of the day on a 0.49% addition to $2,380.6501. Partially weighing on the market were bankers NMB that plunged 14.22% to $283.0653 while, Ecocash eased 2.45% to $131.6875. Digital media group Zimpapers shed 0.96% to $14.3051 as roofing material producer Turnall retreated 0.79% to $26.0000. Sugar producer Star Africa capped the top five laggards of the day on a 0.14% descent to $4.9831.

Activity aggregates were depressed in the session as volumes traded declined 70.77% to 574,807 shares while, turnover fell by 69.50% to $305.12m. The trio of NMB, Delta and Star Africa drove the volume aggregate contributing a combined 78.86% of the total. In the value category, Delta and NMB claimed 60.38% and 28.77% of the aggregate. In the ETF category, a total of three funds registered price movements with two recording losses as one gained. The Old Mutual Top Ten ETF was 0.37% down at $29.8900 while, Datvest MCS plummeted 14.81% to $6.5600. The Cass Saddle ETF was 0.43% up at $7.2500. The Tigere REIT was 4.14% up at $239.5401 as 13,654 units exchanged hands.