EFE Securities •
8 months ago •
Market Commentary
MARKET COMMENT -2024-03-12
Heavy cap counters anchor the market...
Heavy cap counters anchored the market in Tuesday’s session as they dominated the top five gainers list of the day. The All-Share Index was 3.17% firmer at 536,942.27pts while, the Blue-Chip Index advanced 4.14% to 239,644.04pts anchored by gains in Econet, RTG and Delta. The Mid Cap Index eked out narrow gains of 0.06% to end at 2,71,774.10pts while, the Agriculture Index retreated 2.68% to close at 1,213.34pts. Telecommunications group Econet led the gainers list of the day as it edged up 14.00% to $1,977.1441 as the counter closed heavily bid. Hotelier RTG trailed on a 11.72% charge to $410.0000 while, beverages producer Delta garnered 9.09% to end at a VWAP of $9,668.5903, having reached a high of $9,700.0000. Property concern Zimre Holdings Limited was 7.80% firmer at $316.0000 while, sugar producer Hippo fastened the gainers list of the day as it added 5.23% to $4,181.8421. Cigarette producer BAT led the laggards of the day as it dropped 15.00% to end at $33,822.4500, followed by bankers ZB that eased 10.00% to close at $1,800.0000. CBZ retreated 5.26% to close trading at $7,199.9510 as 5,100 shares exchanged hands. Fintech group Ecocash that is trading under cautionary lost 4.73% to end at a $560.0932 while, TSL was 4.35% weaker at $2,200.0000 as it capped the top five worst performers of the day.
Activity aggregates enhanced in the session as volumes traded increased by 273.94% to see 6.85m shares worth $16.85bn exchange hands in the session, representing a 506.06% jump in turnover. The trio of Econet, Ecocash and Delta led the volume drivers of the day as they contributed a combined 82.52% of the aggregate. In the turnover category, trading was mainly confined in Delta and Econet that claimed a combined 81.18% of the total value. In the ETF category, trading was mixed as two funds advanced against two that faltered. The Old Mutual Top 10 ETF and the Datvest MCS added 0.59% and 0.01% respectively. Trading in the negative territory were Cass Saddle and Morgan & CO Made in Zimbabwe that dropped 8.24% and 1.23% apiece.