EFE Securities •

1 year ago •

Market Commentary

Market Comment - 20.03.2023

Bulls rage in Monday's session... Bullish sentiment prevailed on the bourse in week opening trades as twenty-two bulls charged against two bears. The ZSE All Share Index surged 6.05% to 35753.99pts while, the ZSE Top Ten Index jumped 6.89% to 21362.03pts. The Mid-Cap Index advanced 3.08% to 70468.80pts while, the Agriculture Index put on 1.76% to 131.72pts. Leading the winners’ pack was fintech group Ecocash that garnered 14.94% to end pegged at $83.2357. Banking group First Capital swelled 14.81% to $22.4491 while, brick manufacturer Willdale soared 14.27% to $3.9993. Meikles edged up 13.78% to close at $310.0000 while, telecoms giant Econet climbed 10.02% to settle at $258.6958. The two fallers of the day were Zimre Holdings and BAT that marginally trimmed 0.19% and 0.01% to close at respective prices of $11.4005 and $2,769.8500. Activity aggregates were mixed in Monday’s session as volume of shares traded declined 21.67% to 3.45m while, turnover charged 48.81% to $1.08bn. Volume drivers of the day were SeedCo Limited, OKZIM, Ecocash and Zimre holdings that accounted for a combined 87.70% of the outturn. SeedCo Limited and Econet anchored the value aggregate with respective contributions of 54.30% and 11.77%. Foreigners were net sellers in the session as outflows stood at $0.23m while, inflows amounted to $6.08m. Simbisa was the sole gainer on the VFEX as it inched up 2.51% to USD$0.4250. Bindura shed 5.03% to USD$0.0189 as Padenga slipped 3.81% to trade at USD$0.2400. A total of 2,876 shares worth USD$811.5150 exchanged hands on the VFEX. Cass Saddle and MIZ improved 1.12% and 0.40% to close at $2.0932 and $1.4457 apiece. Losers amongst the ETFs were Old Mutual ETF, Datvest MCS and Morgan and Co MCS which lost 0.95%, 0.18% and 0.0032% respectively. Cumulatively, 2.90m units worth $36.18m traded in the five ETFs. The Tigere REIT went up 0.08% to $50.6200 on 4,744 units.