EFE Securities •

1 year ago •

Market Commentary

MARKET COMMENT-2024-02-28

Heavies anchor the market in the penultimate session of the month…

Heavy cap counters anchored the market in the penultimate session of the week to see the All Share Index edge up 2.87% to close at 516,753.82pts. The Blue Chip Index notched up 3.99% to end at 230,902.14pts buoyed by Ecocash, Delta and CBZ. Fintech group Ecocash headlined the gainers list of the day as it surged 14.62% to close at $609.6323 while, sugar processor Star Africa firmed 13.91% to end pegged at $8.3048. Top capitalised stock Delta advanced 6.67% to end at a VWAP of $8,263.9526 as 11,400 shares traded while, tea producer Tanganda edged up 5.06% to $1,942.5000. Bankers CBZ fastened the top gainers list of the day as it gained 3.93% to $7,950.0000 as scrappy 200 shares exchanged hands. Packaging group Nampak led the laggards of the day as it plummeted 10.91% to $445.4545 while, telecommunication group Econet was 2.43% weaker at $1,800.0000 as supply outstripped demand in the session. Meikles eased 0.85% to close trading at a VWAP of $2,452.4943 while, Masimba closed at $2,983.1250 following a 0.43% descent. Zimre capped the top five worst performers list of the day on a 0.40% drop to $235.9592.

Volume of shares traded dropped by 89.63% to 675,100 shares with the major contributors being Star Africa and Ecocash as they claimed a combined 55.49% of the total. Turnover traded fell by 89.18% to $614m as Delta, Ecocash, Seedco, and Proplastics claimed 15.34%, 15.04%, 12.78% and 11.23% respectively. In the ETF category a total of three funds registered price movements, to see two funds advance while, one declined. The Old Mutual Top 10 ETF was 1.51% higher at $87.1602 while, the Datvest MCS added 0.05% to $18.5000. On the contrary the Cass Saddle ETF was 10.17% lower at $7.5900 as 680 units exchanged hands. The Tigere REIT parred off 1.53% to close at $600.0102 as a whooping  8.20m units worth $4.92bn traded in the session.