EFE Securities •

8 months ago •

Market Commentary

Market Commentary 2023-09-04

The ZSE swung back into losses in Monday trades as the President-elect was sworn in for the second and final term. The four indices we review closed in the negative with the All-Share Index retreating 0.19% to settle at 121,965.73pts while, the Top 10 Index was 0.21% weaker at 56,329.18pts. The ZSE Agriculture Index parred 2.02% to close at 599.09pts as the Mid Cap Index eased 0.16% to end pegged at 449,767.75pts. Seed producer, SeedCo Limited was the worst performers of the day as it declined 11.36% to $1,000.0000 while, retailer OK Zimbabwe gave up 7.75% to $120.1489 on waning demand.

Property firm Mashonaland Holdings retreated 3.99% to $120.0119 as tea company Tanganda dipped 3.72% to finish at $999.9500. The fifth faller of the day was beverages giant Delta that dropped 0.73% to $2,158.9066. Econet headlined the winners list after gaining 7.73% to $517.0285, followed by Zimre Holdings Limited that surged 4.03% to $70.0000. Sugar processors Star Africa added 0.95% to $5.6028 while, Ecocash Holdings ticked up 0.78% to settle at $138.0510. Conglomerate Meikles completed the top five gainers list on a 0.48% uptick to $704.8741. The market recorded a negative breath of two as seven counters lost ground against five that gained.

Activity aggregates in the session improved as volumes traded jumped 21.50% to 1.76m shares while, the value outturn surged 54.03% to $966.42m. Delta emerged as the top value driver of the day claiming 78.82% of the turnover. Volume drivers of the day were OKZim (39.55%), Mashonaland Holdings (26.71%) and Delta (20.26%). A total of 16,740 units worth of $204,978.00 exchanged hands in three ETFs that traded today. The Cass Saddle stepped up 0.97% to $7.2500 while, on the contrary the Old Mutual ETF declined 0.07% to $21.4515. The REIT fell 1.23% to $200.4934 on 32,875 units.