EFE Securities •

2 months ago •

Market Commentary

MARKET COMMENT -2024-03-14

ZSE closes 3.84% higher as local capital inflow improves...

The ZSE market closed 3.84% higher at 569,457.44pts as capital inflows into the market continued to improve. The Blue-Chip Index edged up 4.00% to settle at 256,190.26pts while, the Agriculture Index added 4.23% to close at 1,288.22pts. The Mid Cap Index was 2.42% up at 2,214,853.91pts. ZB Financial Holdings, SeedCo Limited and Tanganda led the gainers of the day as they garnered a similar 15.00% to end at circuit breaker limits of $2,300.0000, $2,242.4000 and $2,578.9000 respectively. Telecommunication group Econet charged 14.87% to close at a VWAP $2,607.6193 while, cable manufacturer Cafca was 11.57% firmer at $13,500.0000. Leading the laggards of the day was apparel retailer Edgars that retreated 14.49% to end at $307.5313 as a circa 93,000 shares exchanged hands. Property concern First Mutual Properties eased 5.17% to close at $550.0000 while, Proplastics lost a negligible 0.004% to end at $1,293.9515.

Activity aggregates improved in the session as volumes traded increased 5.43% to close at 4.56m shares while, turnover rose by 5.84% to end at $6.56bn.  Volume leaders of the day were Nampak, Econet and Ecocash that contributed a combined 71.36% of the total. Turnover drivers of the day were Econet, SeedCo, Nampak and Delta with respective combinations of 29.26%, 15.50%, 15.36% and 10.10%. In the ETF category, a total of three funds registered price movements, as two advanced while, one faltered. Morgan & Co Multi Sector ETF notched up 14.83% to settle at $805.5261 while, the Old Mutual Top 10 ETF was 14.41% firmer at $105.2570. Trading in the negative territory was Morgan & Co Made in Zimbabwe that lost 0.05% to end at $19.2500. The Tigere REIT inched up 0.92% to close at $706.8569 as 2,822 units exchanged hands in the session.