EFE Securities •
4 months ago •
Market Commentary
MARKET COMMENT -2024-02-19
Mid cap counters weigh on the market…
The ZSE market closed marginally lower in Monday’s trade as the All Share retreated 0.02% to close at 508,108.85pts while, the Mid Cap Index faltered 0.08% to end at 2,128,961.98pts. On the contrary was the Agriculture Index that edged up 0.60% to 1,484.64pts while, the Blue-Chip Index eked out narrow gains of 0.03% to 224,953.08pts. A total of twenty-six counters registered price movements segregated into fourteen losers and twelve gainers. RTG led the laggards of the day as it declined 14.76% to $366.6500, trailed by Bridgefort Capital A that is trading under a cautionary after shedding 12.50% to $35.0000. Meikles continued with its negative performance as it dropped 9.14% to end at a VWAP of $2,463.9306 while, Edgars took 8.47% knock to settle at $400.0000. Retailer OK Zimbabwe capped the top five worst performers of the day as it plummeted 5.12% to $637.3560 after releasing its Q3 trading update in which quarterly volumes fell by 32%. Partially offsetting today’s losses were gains in Fidelity that garnered 14.99% to close at $622.0000 while, NTS charged 14.29% to end at $160.0000. Property concern Mashonaland Holdings was 13.36% higher at $249.8557, where supply could be found. Dairy processor Dairibord firmed up 10.24% to close trading at $1,168.3500 while, ART added 6.93% to close at $171.0909 as it fastened the top five gainers list of the day.
Activity aggregates were mixed in the session as volume of shares traded faltered 19.54% to see 2.26m shares exchange hands while, turnover jumped 87.34% to $5.11bn. The trio of Delta, OK Zimbabwe and Star Africa drove the volume aggregates of the day as they claimed a combined 72.66% of the total. In the turnover category, activity was mainly confined in Delta that claimed 69.80% of the value traded. Three funds registered price movements as Cass Saddle ETF and Morgan & Co Made in Zim notched up 2.29% and 1.56% respectively. The Datvest MCS lost 2.56% to close at $19.0000. In other news, First Mutual Holdings released a new cautionary statement stating that they will be appealing to the High Court on corrective orders set out on FML Life by IPEC.