EFE Securities •

6 months ago •

Market Commentary

MARKET COMMENT -2024-05-17

The market rebounded in Friday’s session as selected heavies lifted the ZSE. The All-Share Index and the ZSE Top Ten Index rose by a similar 0.71% to close at 94.65pts and 92.76pts respectively. The ZSE Agriculture Index rose 0.41% to 90.58pts while, Mid Cap Index was the top gainer amongst the indices we review as it inched up 0.99% to end at 97.63pts. Property concern FMP led the gainers of the day as it surged 15.00% to settle circuit breaker limit of $0.2760 while, banking group NMB grew 14.97% to $1.6590. SeedCo Limited garnered 9.42% to end at a VWAP of $1.6768 while, beverages concern Delta jumped 2.36% to $7.1099. Spirit and wines manufacturer Afdis completed the top five winners of the day on a 2.16% uplift to $2.2500. Ecocash led the fallers of the day as it succumbed 10.15% to $0.2112 while, Proplastics dropped 5.90% to close at $0.3825. Cigarette manufacturer BAT trimmed 3.85% to $24.9995 as FML slipped 2.89% to $1.8500. Banking group CBZ shed 2.60% to end the day pegged at $3.6038.

Volume of shares traded tumbled 89.30% to 1.36m shares while, turnover dipped 99.89% to $901,040.98. Star Africa, OKZIM and Econet claimed a combined 72.99% of the volume traded. Value leaders of the day were Delta (28.88%), Econet (20.07%), OKZIM (16.77%) and BAT (11.38%). Cass Saddle ballooned 14.04% to close at $0.0065 as other four ETFs remained stable. A total of 15,766 units worth $263.57 exchanged hands in the session. The Tigere REIT parred off 0.72% to $0.6300 while, the Revitus Property Opportunities ticked up 0.09% to end the day pegged at $0.2150.