EFE Securities •

6 months ago •

Market Commentary

MARKET COMMENT 08.11.2023

Heavies drive activity in Wednesday’s session…

Selected heavies drove activity in Wednesday’s session as volume exchanged and market spent ballooned, with most of the trades being switches. Volumes jumped 414.09% to see circa 27.13m shares worth $8.36bn exchange hands. This represented a 243.09% increase in turnover. OK Zimbabwe and Econet drove the volume aggregate with respective contributions of 72.44% and 24.40%. The threesome of OK Zimbabwe, Econet and Delta anchored the turnover totals, claiming a shared 98.40% of the aggregate, leaving other counters sharing the remainder of 1.60%. In the ETF category, only two funds registered trades with the Datvest MCS ETF closing 9.59% higher at $8.0000 while, the Old Mutual Top 10 ETF eked out a 0.02% gain to settle at $34.68000. The Tigere REIT added 2.05% to close trading at $245.0000 on a paltry 750 units.

Headlining the gainers of the day was TSL that surged 15.00% to close at circuit breaker level of $905.6500, trailed by digital media group Zimpapers that inched up 14.89% to $22.0009. Life assurer Fidelity garnered 13.51% to close pegged at $180.0000 while, property concern Mashonaland Holdings firmed up 9.29% to $153.0000 where supply could be found. Retailer OK Zimbabwe capped the top five winners of the day on a 5.36% gain to close at a VWAP of $169.9989. Trading in the negative territory was brick manufacturer Willdale that plummeted 2.97% to $26.0028 while, sugar processor Star Africa retreated 0.83% to $4.9358, post the release of its FY23 results in which they reported a loss of $1.73bn.  Zimre Holdings Limited eased 0.09% to close trading at $127.0000 while, hotelier RTG slipped 0.05% to $129.9286. All the four indices we review closed in the black as the All-Share Index notched up 1.16% to $172,188.22pts. The Top 10 Index added 0.75% to 76,741.09pts while, the Agriculture Index gained 2.36% to 587.62pts. The Mid Cap Index was 2.09% firmer at 688,676.38pts.