EFE Securities •

1 year ago •

Market Commentary

Market Comment - 24.03.2023

Market retreats further... ZSE slipped further in week-ending session as all the three indices we review closed in the red. The All-Share Index trimmed 2.08% to close at 37324.76pts while, the ZSE Top Ten Index shed 2.55% to 22334.80pts. The ZSE Agriculture Index slipped 1.64% to 137.03pts as the Mid Cap Index let go 0.75% to end at 73828.83pts. Tea company Tanganda was the worst faller of the day as it dropped 8.78% to $315.0500. Trailing was Star Africa that tripped 4.85% to $1.5700 as agric-concern Ariston stumbled 4.39% to $10.0109. Financial services group ZB retreated a further 4.30% to $100.0000 as brick makers Willdale eased 4.25% to $3.4997. On the upside was Mashonaland Holdings that jumped 8.19% to settle at $11.5000 as Zimplow followed with a 7.35% uplift $36.5000. Banking groups FBC and NMB rose 6.76% and 4.82% to settle at $98.4655 and $51.7170 apiece. National Tyre Services held the fifth position of the gainers’ table after a 4.00% rise to $13.0000. The market closed with a negative breadth of four as thirteen counters faltered against nine that gained. Volume of shares traded enhanced 85.73% to 4.45m while, turnover surged 79.55% to $904.44m. Delta claimed the lion’s share of the value traded contributing a gigantic 92.02% and 44.75% of the total volume traded. Other notable volume drivers of the day were Star Africa (17.70%), Ecocash (11.92%) and OKZIM (11.58%). On the VFEX, 702,690 shares worth USD$254,925.95 exchanged hands. The rarely traded Caledonia garnered 20.00% to $15.6000 on 158 shares. The three fallers of the day were Simbisa (-4.92%), Axia (-3.23%) and Innscor (-2.36%). Morgan and Co MIZ grew 14.49% to $1.8473 as Morgan and Co MCS inched up 11.24% to $28.1900. The Old Mutual ETF edged up 5.24% to $10.0000 as the Datvest MCS was 0.27% weaker at $1.8900. The Tigere REIT declined 2.30% to $49.2592 as 2.30m units worth $113.06m traded.