EFE Securities •

1 year ago •

Market Commentary

Market Comment - 24.02.2023

ZSE rebounds in weekend session as Axia exits... The ZSE rebounded in the weekend session as the primary All Share Index grew 0.89% to 28003.96pts while the Blue Chip Index added 0.26% to 16757.59pts. The Mid Cap Index surged 2.40% to 60929.82pts and the Agriculture Index was 0.29% firmer to end pegged at 116.06pts. Hoteliers African Sun led the winners of the day on a 12.67% jump to $88.7500 followed by Ariston that climbed 10.56% to $6.6333. Fidelity Life Assurance advanced 7.41% to $29.0000 while, Bankers First Capital gained 5.12% to end pegged at $18.6323. Art Holdings capped the top five gainers pack on a 5.02% uplift to $22.0000. Headlining the laggards of the day was Milk processors Dairiboard Holdings that dropped 11.22% to $79.9000 while, sugar processor Star Africa lost 0.60% to $1.7018. Telecoms giant Econet eased 0.30% as Nmbz completed the losers set with a negligible 0.06% slump to close the day at $42.0000. Activity aggregates were depressed in the session as volumes plunged 52.88% to 3.50mn shares while, turnover slumped 72.82% to $177.61mn. NMB had the largest slice of the cake in the volumes traded after contributing 57.24% of the total. Other notable volume drivers were First Capital(16.84%), Star Africa (9.65%) and Ecocash Holdings (8.61%). The top value drivers of the day were NMB, Ecocash, Delta and Hippo that contributed a combined 80.47%. On the VFEX Padenga traded 10,612 shares at $0.2500 flat. SeedCo International climbed 10.02% to $0.2855. In contrast, Simbisa eased 0.30% to settle at $0.4302. On the ETFs board, Cass Saddle and OMTT declined 0.12% and 2.73% to $2.2100 and $8.7500 respectively. Datvest ETF closed at $1.9012 following a 0.36% ascend trading 79,405 units. Activity in Tigere REIT remains subdued as 5,945 units traded 2.39% up at $50.62. Axia makes way out of ZSE today for an imminent list on the VFEX making it the sixth counter to migrate to a USD denominated bourse.