EFE Securities •
4 months ago •
Market Commentary
MARKET COMMENT -2024-03-07
ZSE closes 0.41% lower...
The ZSE market closed 0.41% lower at 506,111.98pts as twenty-three counters registered trades during the session. The market closed with a negative breadth of eleven as seventeen counters faltered against six that charged. The Blue-Chip Index shed 0.27% to close at 225,130.86pts while, the Mid-Cap Index was 0.17% weaker at 2,094,113.85pts. The Agriculture Index was the major faller amongst the indices we review as it eased 4.71% to 1,291.80pts. Sugar producer Hippo led the worst performers of the day on a 15.00% decline to end at circuit breaker limit of $4,675.0011 while, retailer Ok Zimbabwe trailed on a 10.08% loss to end at a VWAP of $534.1090. Seed producer SeedCo limited retreated 9.09% to $2,000.0000 while, Proplastics was 6.55% weaker at $1,209.2000. Sugar processor Star Africa dropped 2.26% to close at a VWAP of $8.0013. Partially offsetting today’s losses was penny cap counter Bridgefort A that jumped 100% to close at an upper circuit breaker level of $70.0000 as scrappy 3,100 shares traded while, Meikles charged 8.37% to end at a VWAP of $2,662.5547. Financial services group ZB edged up 5.26% to settle at $2,000.0000 while, telecommunications group Econet was 2.79% firmer at $1,700.0000. Roofing materials producer Turnall eked out narrow gains of 0.03% to settle at $41.6000.
Activity aggregates traded mixed in the session as volumes of shares increased by 61.44% to 6.33m shares while, turnover declined by 25.02% to $5.48bn. The duo of Star Africa and Seedco were the most active stock in terms of volume during the day as they claimed a combined 79.45% of the total. In the turnover category SeedCo was the major value driver as it claimed 58.81% of the turnover while, Delta trailed on a 21.72% contribution. In the ETF category only three funds registered price movements, the Cass Saddle ETF was 5.88% weaker at $8.0000 as in traded a circa of 2.04m units. The Datvest MCS and the Old Mutual Top 10 ETF added 0.81% and 0.06% to see the former settle at $19.8500 and the latter at $80.0000. The Tigere REIT inched up 2.74% to end pegged at $648.4591.