EFE Securities •
8 months ago •
Market Commentary
MARKET COMMENT 24.10.2023
ZSE maintains a positive impetus….
The ZSE market maintained a positive momentum in Tuesday’s session as gains were witnessed in selected counters across the board. The mainstream All Share Index rose 1.07% to close at 147,147.07pts while, the Top Ten Index ticked up 1.15% to settle at 64,528.37pts. The ZSE Agriculture Index put on 1.31% to 524.18pts with the Mid Cap adding 0.90% that took it to 609,012.15pts. Topping the gainers of the day was banking group ZB which surged 14.83% to end at $790.0000, albeit on scrappy 600 shares. Following was SeedCo Limited which rose 13.76% to $732.6154. Small cap counters Willdale and Zimre Holdings Limited also featured in the risers’ zone after advancing 10.97% and 7.23% to close the session at $16.1408 and $101.8696 in that order. Ecocash Holdings completed the top five risers’ set on a 5.16% uplift that took it to $139.9594, despite it closing well offered.
On the downside was banking group NMB which rolled back to $300.0000 after a 4.76% loss. Agricultural concern Ariston was 3.20% lower at $30.0069 with RTG sliding 1.46% to end at $135.0000. First Mutual Properties eased 0.64% to settle at $132.0954 as demand continued to weaken in the property counter. Conglomerate Meikles reversed yesterday’s gains on a 0.23% decline to end the session at a VWAP of $960.8252. Two ETFs, the MIZ and OMTT registered price movements to see the former closing lower at $6.7800 after a 3.14% loss while, the latter gained 5.16% to settle higher at $32.6000. Volumes exchanged dropped 57.24% to 2.14m shares, yielding a value outturn of $1.10bn which was 53.35% down from prior session. The duo of Delta and Econet emerged as value drivers of the day claiming a combined 80.54% of the total. Volumes were anchored by Econet and OKZIM claiming 38.45% and 20.71% of the outturns respectively. Foreigners were net buyers in the session as inflows of $87.22m were registered against outflows of $3.36m to record a surplus position of $83.86m.