EFE Securities •
4 months ago •
Market Commentary
MARKET COMMENT -2024-03-15
Heavy and Mid cap counters propel the market in Friday’s trades ...
Heavy and Mid cap counters propelled the market in Friday’s trades as demand continued to outstrip supply across the board. The All-Share Index was 9.17% firmer at 621,650.75pts anchored mainly by the Blue-Chip Index that notched up 10.61% to settle at 283,384.71pts. The Mid Cap Index surged 6.87% to close trading at 2,367,077.53pts while, the Agriculture Index rose 2.76% to settle at 1,323.79pts. It was a bull’s market as seventeen counters advanced against two that falters, to leave the market with a positive breadth of fifteen. Banking group ZB continued to buttress prior session’s gains as it notched up 15.00% to close at $2,645.0000 on scrappy 100 shares. Sugar processor Hippo Valley and bankers CBZ also recorded a similar a 15.00% jump to end at respective circuit breaker limits of $4,812.8500 and $8,497.9859. Meikles was 14.93% higher at $5,000.0000 while, beverages producer Delta capped the top five gainers list of the day on a 14.63% charge to end at $11,611.3520. Other notable gainers of the day were Mashonaland Holdings (10.33%), Zimre Holdings Limited (9.52%) and Star Africa (7.22%). Partially weighing down the market was apparel retailer Edgars that dropped 2.45% to settle at $300.0000 while, Nampak lost a negligible 0.0002% to end a $500.0000 as circa 47,000 shares traded.
Activity aggregates faltered in the session as volume traded fell by 74.43% to see 1.17m shares worth $3.41bn exchange hands, representing a 47.98% decline in turnover. Econet, Afdis and Willdale led the volume drivers of the day as they claimed 42.64%, 20.69% and 10.21% apiece. The threesome of Econet, Afdis and CBZ drove the turnover aggregates of the day, claiming a combined 82.72% of the total. In the ETF category, only two funds registered price movements as the Cass Saddle ETF rose 7.12% to $7.8000 while, the Datvest MCS inched up 0.04% to $20.0000. The Tigere REIT advanced 6.50% to $752.7989 while, on the contrary the Revitus Opportunities tumbled 1.83% to $542.0000.