EFE Securities •
9 months ago •
Market Commentary
MARKET COMMENT -2024-02-06
ZSE takes a breather…
The ZSE took a breather in Tuesday’s session as profit taking took its toll, following a seventeen-day rising streak. The All-Share Index succumbed 7.21% to settle at 551,259.52pts as selected counters traded mixed while, the Agriculture Index was 2.89% lower at 1,523.33pts. The Mid Cap Index shed 0.37% to settle at 2,037,994.50pts while, the Blue-Chip Index was the only gainer amongst the Indices we review. The duo of Meikles and Afdis led the laggards of the day as they dropped 15.00% to see the former settle at $5,262.35 and the latter at $4,240.9500. Seed producer SeedCo Limited parred off 11.32% to settle at a VWAP $2,999.0509 while, dairy producer Dairibord eased 2.72% to end at $1,717.0387. Sugar refiner Star Africa closed 1.59% lower at $9.0151 as it capped the top five worst performers of the day.
Retailer OK Zimbabwe and TSL headlined the best performers of the day as the duo garnered a similar 15.00% to end pegged at $830.8500 and $1,754.6000 in that order, as demand continued in the names. Zimra Holdings Limited buttressed prior session’s gains as it put on 14.99% to end trading at $231.1500 while, First Mutual Properties notched up 10.06% to settle at $520.0000. Apparel retailer Edgars fastened the top five gainers list of the day on a 8.70% ascent to $250.0000.
Activity aggregates faltered in the session as volume traded declined 69.70% to see 972,155 shares while, turnover traded fell by 65.87% to see $2.53bn exchange hands. Volume drivers of the day were OK Zimbabwe, Ecocash and Delta with respective contributions of 30.60%, 18.04% and 17.37%. Beverages producer Delta dominated the turnover category as it claimed 59.99% of the value traded. Other notable value driver was OK Zimbabwe that claimed 10.21% of the total. Elsewhere, Econet released a cautionary statement advising shareholders that they will be acquiring Ecocash, Vaya, Econet Insurance, Econet Life, MARS and Maisha from Ecocash Holdings Limited in a share swap deal.