EFE Securities •
1 year ago •
Market Commentary
Market Comment - 20.02.2023
ZSE rebounds ahead of the Youth day holiday... The market rebounded in week-opening trades as it jumped 1.17% to 27620.13pts, offsetting losses recorded in the previous five consecutive sessions. The ZSE Top Ten Index improved 0.61% to $16746.74pts. The ZSE Agriculture Index added 1.02% to 114.09pts while, the Mid Cap Index ticked up 2.58% to end at 58347.79pts. Headlining the gainers’ pack was African Sun that surged 14.97% to $71.2969. Trailing was Zimre holdings Limited that garnered 14.29% to settle at $10.0000. Dairibord swelled 13.92% to close at $90.0000 while, hotelier RTG jumped 9.09% to $11.0000. Beverages concern Delta rallied 7.95% to close at a vwap of $539.7504 having traded an intra-day high of $550.0000. Leading the decliners of the day was banking group CBZ which dipped 12.19% to $122.9306 while, fintech group Ecocash followed on a 11.54% slump to $62.3634. Retailer OKZIM trimmed 5.05% to $51.7301 while, Meikles was 5.00% softer at $190.0000. Star Africa capped the top five shakers of the day on a 2.43% slip to $1.6813. The market closed with a positive breadth of two as ten counters gained against eight that retreated. Activity aggregates were depressed in Monday’s session as volumes succumbed 80.47% to 2.49m while, turnover tumbled 89.38% to $407.56m. Econet claimed the lion’s share of the volume and value aggregates accounting for 73.90% of the former and 77.01% of the latter. Delta was the other notable value driver of the day with a contribution of 11.92% to the outturn. Foreign purchases dipped 99.90% to $1.48m while, sales plunged 99.47% to $7.98m as the market closed with a net funds outflow position. Padenga was the only counter to trade on the VFEX as it receded 3.77% to USD$0.2500 on 17,573 shares. Three ETFs were active in the session as two registered gains while, one faltered. The Datvest ETF rose 4.68% to $1.7000 while, MIZ was 3.70% up at $1.4000. The Old Mutual ETF came off 10.52% to $8.0553 on 85,414 units.