EFE Securities •

5 months ago •

Market Commentary

MARKET COMMENT 18.12.2023

Weakening demand drags down the ZSE…

Waning demand seen across the board continued to drag down the ZSE to see the primary All Share Index declining a further 2.77% to 187,499.78pts while, the Blue-Chip Index succumbed 3.65% to 77,127.43pts. The Agriculture Index lost 1.62% to 593.82pts as the Mid Cap Index fell 1.15% to 879,725.55pts. Milk processor Dairibord led the laggards of the day on a 15.00% drop to $530.40000, followed by banking group FBC that eased 14.89% to close at $788.0000. Hotelier, Meikles retreated 10.87% to $1,158.7209 while, brick manufacturer Willdale Limited slipped 10.82% to settle at $41.0227. Beverage giant Delta capped the fallers of the day on a 6.55% slid to end pegged at $2,968.2723. Partially mitigating today’s losses were gains in Ecocash Holdings that jumped 2.65% to 126.50000 while, retailer OkZim surged 2.52% to $195.0000. Nampak added 1.72% to settle at $295.0000 while, FMP inched up 1.45% to settle at $280.0000. Turnall completed the gainers of the day on a 0.28% uplift to settle at $38.1079. The risers and fallers spectrum were equally distributed at nine.

Activity aggregates declined in the session as volume traded dropped 19.76% to 1.40mn shares, yielding a value outturn of $2.14bn which was 7.96% down from prior session. Delta was the most sought-after stock of the day, claiming 44.04% of the volumes exchanged and 85.53% of the value totals. NMB and Proplastics contributed a combined 9.03% of the value outturn. A total of 171,131 units exchanged hands in the ETF section. OMTT ETF ticked up 2.67% to 39.1979 while, Datvest ETF slipped 0.01% to end pegged at $8.9989. The Tigere REIT firmed up 1.56% to close at 304.6901 as a total of 2,388 units exchanged hands.