EFE Securities •

7 months ago •

Market Commentary

ZSE extends losses as selloff dominate…

The market extended losses into the new week as sell-off in selected counters dominated across the board. The All-Share Index was 4.82% weaker at 136,334.43pts while, the Blue-Chip Index retreated 7.56% to settle at 64,139.51pts mainly weighed down by CBZ, Tanganda and Delta. The Agriculture Index retreated 2.88% to end at 545.96pts while, on the contrary, the Mid Cap Index was 0.76% up at 487,590.40pts. Banking group CBZ plunged 13.59% to close at $1,050.4154 as the market awaits the release of the group’s half year results. Sugar processor Star Africa dropped 12.83% to end at a VWAP of $5.2008. Tea producer Tanganda closed at $842.5500 following a 12.55% descent while, beverages giant Delta plummeted 10.50% to close trading at a VWAP of $2,661.3844. Seed producer SeedCo Limited capped the losers of the day as it parred off 10.00% to $765.0000.

The rarely traded counter Unifreight headlined the top five performers of the day having jumped 15.00% to close at $258.7500 as scrappy 300 shares exchanged hands. National Tyre Services gained 14.88% to $24.7000 while, First Mutual Holdings advanced 14.76% to end pegged at $248.0000. Banking group NMB closed at $219.0000 having surged 14.55% to $219.0000 on firming demand while, brick manufacturer Willdale fastened the top five gainers’ list having garnered 14.29% to $9.2000. Activity aggregates closed mixed in the session as volume of shares traded declined 73.29% to 1.03m while, turnover improved 23.33% to $1.04bn shares. The trio of Meikles, Delta and SeedCo Limited highlighted the activity aggregates of the day as they contributed a combined 67.02% of the volume and 94.69% of the turnover. Two ETFs registered price movements in the session as the Morgan & Co Multi Sector ETF was 0.08% higher at $212.7800 while, the Old Mutual Top Ten ETF firmed up 6.85% to close trading at $26.7114. The Tigere REIT trimmed 0.18% to $222.0002 as 1.26m units traded.