EFE Securities •

1 year ago •

Market Commentary

Market Comment - 24.05.2023

ZSE extend gains in midweek session... The ZSE extended gains in the midweek session as the primary All Share Index jumped 6.57% to 93115.78pts while, the Blue-Chip Index rose 7.82% to 57126.57pts. The Agriculture Index went up 1.68% to 316.25pts while, the Mid Cap Index inched up 2.42% to 168425.34pts. The trio of CBZ, First Mutual Holdings and CFI Holdings led the risers of the day with a similar 15.00% gain to close at $529.0000, $43.7000 and $933.5500 respectively. Bankers ZB Financial Holdings edged up 14.99% to $182.5500 while, Art Holdings completed the winners’ pack on a 14.93% uplift to close at $39.6500. Headlining the laggards of the day was Zimplow that dropped 2.69% to $90.0000, followed by plastics manufacturer Proplastics that lost 1.97% to end pegged at $388.8691. Meikles Limited declined 0.64% to $1103.3125 while, fintech group Ecocash Holdings retreated 0.21% to $134.3862. Tea producers, Tanganda capped the losers pack on a 0.001% slump to $730.0165. The market closed with a positive breadth of fifteen after twenty counters registered gains against five that retreated. Activity aggregates were mixed in the session as volumes traded ballooned 14.32% to 2.97m shares while, value outturn plummeted 22.59% to $1.14bn. The top volume leaders of the day were First Mutual Holdings, Star Africa, First Mutual Properties and Delta that contributed a combined 64.81% of the aggregate. Delta claimed the largest slice of the cake on a 69.39% contribution to turnover. A total of 275,421 units worth $4.50m exchanged hands on the ETF market. Cass Saddle and Datvest MCS ETF put on 0.59% and 4.17% to close at $2.8000 and $4.9357 apiece. The Morgan and Co MCS ETF added 1.66% to $50.0000 while, the Old Mutual ETF advanced 3.23% to settle at $19.4894. The Tigere REIT soared 2.46% to $73.8861 on 735 units.