EFE Securities •

6 months ago •

Market Commentary

MARKET COMMENT -2024-01-22

The market extended its winning streak in the week opening session as the primary All Share Index rose 10.82% to 366,103.90pts while, the Blue Chip Index grew 12.23% to 168,905.91pts. The Agriculture Index firmed up 9.38% to 885.99pts while, the Mid Cap Index added 4.91% to 1,199,007.49pts. The market recorded a similar 15.00% jump to the top five counters.  Clothing retailer Edgars and construction company Masimba Holdings surged 15% to close at $184.0000 and $1,783.2000 respectively. Milk processor Dairiboard and NMB also gained an identical 15% to settle at $920.0500 and $976.0500 respectively. Beverage giant Delta capped the winners of the day on a similar 15% hop to end the day pegged at $7,621.2918.  Contrastingly, insurer FML led the laggards of the day on a 3.37% slid to $1,100.0000 while, Zimre slipped 0.85% to $172.2901. Brick manufacturer, Willdale eased 0.21% to close at $46.0000 while, Ariston completed the fallers of the day on a 0.06% drop to $46.9698. Twenty-four counters recorded gains against four that faltered to leave a positive market breadth of twenty.

Activity aggregates enhanced in the session as volume traded ballooned 10.92% to 4.43m shares while, turnover grew 90.36% to $6.99b. Star Africa, Econet, Delta and Proplastics contributed a combined 82.23% to the total volume traded. The top value drivers of the day were Delta (57.71%), Econet (30.07%), Proplastics (3.37%) and SeedCo (2.09%).  There was remarkable activity on the ETF section where 1.88m units exchanged hands in the session. Cass Saddle ETF inched up 0.03% to settle at $6.3319 while, Datvest ETF edged up 0.35% to $12.0425. OMTT ETF stepped up 2.84% to close at $51.3965 while, Morgan and Co Multi Sector ETF trimmed 0.02% to end the day pegged at $51.3965. Tigere REIT notched up 2.76% to $429.0000 after 56,705 units exchanged hands.