EFE Securities •

1 year ago •

Market Commentary

Market Comment - 17.03.2023

Mid and heavy cap counters lift the market... Gains in mid and heavy cap counters lifted the ZSE in the week-ending session as all indices that we review closed pointing northwards. The ZSE All Share Index jumped 2.56% to 33715.26pts while, the ZSE Top Ten Index extended 2.53% to 19984. 56pts.The Mid Cap Index rose 1.99% to close at 68364.97pts as the ZSE Agriculture Index advanced 0.46% to 129.45pts. Nampak was the top mover of the day as it surged 15.00% to settle at $32.2000 on scrappy 200 shares. Trailing was Meikles that garnered 14.98% to end at $272.4500 as ART soared 13.85% to trade at $29.6000. First Capital held the fourth position putting on 8.03% to $19.5534 on the back of the Bank publishing a notice informing shareholders and the investing public of its plans to delist on the ZSE and subsequently relist on the VFEX. Telecoms giant Econet held fifth position on the risers’ table having climbed 6.83% to end at a vwap of $235.1332. Rainbow Tourism Group led the four decliners of the day on a 7.07% retreat to $12.0500. Following was FBC Bank that shed 1.63% to end pegged at $85.5352 with Zimplow trimming 1.59% to $34.0000. African Sun completed the fallers of the day on a 0.14% slip to $89.8696. A positive breadth of thirteen underlined the market in a session that yielded eighteen gainers against five losers. Volume of shares traded tumbled 21.67% to 3.45m while, value outturn leapt up 48.81% to $1.09 trillion. Anchoring the value aggregate was Delta and Econet that claimed 61.14% and 31.56% individually. Volume drivers of the day were Econet, Delta and Ecocash that claimed a combined 86.42% of the aggregate. The MIZ ETF improved 0.70% to $1.4400 while, Morgan and Co MCS added 0.69% to $21.9500. The Old Mutual ETF was up 0.06% to $8.0800. The Cass Saddle and the Datvest ETFs slipped 1.11% and 0.06% to trade at $2.0700 and $1.8789 apiece. On the VFEX, Simbisa, Bindura and Axia tripped 3.38%, 0.50% and 0.48% respectively. Innscor was the only gainer on the VFEX as it edged up 4.40% to USD$0.7000 as Padenga and Simbisa were stable at USD$0.2495 and USD$0.2700 apiece.