Market Comment - 03.03.2023

Marginal losses in week-ending trades... The market ended the week in marginal losses as the mainstream All Share Index let go 0.12% to close at 29196.89pts while, the ZSE Top Ten Index shed 0.32% to 17022.75pts. The Agriculture Index slipped 0.22% to 123.78pts while on the contrary, the Mid Cap Index gained 0.22% to 64184.74pts. The worst faller of the day was property concern FMP that succumbed 8.89% to $15.4881 followed by tea producer Tanganda that trimmed a further 2.24% to $250.0000. SeedCo Limited declined 2.21% to settle at $195.5882 as Star Africa slid 1.50% to $1.7730. Fintech group Ecocash was fifth on the losers’ set after retreating 1.38% to $69.0250. Agriculture concern Ariston led the risers’ pack after surging 13.64% to close at $8.4320. Trailing was NTS that notched 9.09% to $12.0000 as banking duo in First Capital and CBZ edged up 5.38% and 1.98% to settle at $18.9677 and $150.0000 apiece. Completing the top five gainers of the day was telecoms giant Econet that rallied 1.57% to $172.7288. Twenty-six of the forty-six actively trading counters registered price movements in the session as the market closed with a positive breadth of two. Volume of shares traded plunged 37.75% to 9.50m while, value outturn tumbled 80.28% to $397.23m. NMB and Nampak anchored the volume and value aggregates claiming a combined 92.86% of the former and 71.66% of the latter. Delta was the other notable value driver of the day on a 17.77% contribution. On the VFEX, Padenga, Simbisa and Innscor registered trades at unchanged prices of USD$0.2500, USD$0.4500 and USD$0.7975 respectively. The Datvest ETF came off 2.77% to $1.8000 while, Cass Saddle softened 0.48% to $2.0900. MIZ and the Old Mutual ETF went down 0.23% and 0.04% apiece. Cumulatively, 70,870 units worth $224,733.65 exchanged hands. The Tigere REIT jumped 10.77% to end pegged at $50.5570 on 2,368 units.