Market Comment - 06.01.2023

Bullish sentiment prevails on the bourse... The bullish sentiment prevailed on the bourse for the fourth consecutive session in a row. The market recorded a positive breadth of fifteen as seventeen counters advanced against two fallers. The All-Share Index rose 3.20% to 21303.44pts spurred mainly by heavy cap counters, as the Top 10 Index gained 3.59% to 13619.02pts. The Mid-Cap Index extended 2.15% to 39041.60pts while, the ZSE Agriculture Index was 1.12% higher at 77.25pts. Brick manufacturer Willdale jumped 14.38% to $2.4025 trailed by Tanganda Tea Company ticked up 11.21% to $100.0930. Telecommunication group Econet was up 8.55% to $121.9162 while, Meikles buttressed its prior sessions gains adding 6.18% to $127.4120. Hotelier African Sun fastened the top five gainers’ list of the day on a 6.15% surge. Two counters recorded losses in Friday’s session: Mashonaland and Edgars retreated 12.74% and 0.71% to see the former close at $8.0000 and the latter end pegged at $9.5000. Activity aggregates enhanced in the session as volumes traded ballooned by 321.70% to see 14.01m shares exchange hands while, turnover grew 35.22% to $622.51m. The trio in OKZIM, First Mutual Properties and Ariston drove the volume aggregate with a combined contribution of 87.74%. Heavy cap counters OKZIM, Delta and Econet anchored the value aggregate as they accounted for 40.55%, 24.33% and 22.36% apiece. The ETF Index rose by 3.95% to 342.53pts as Datvest MCS soared 2.33% to $1.5351. The Duo of Morgan & Co Made in Zimbabwe and Multi-Sector ETF added 3.99% and 3.89% to close at $1.2722 and $22.8552 apiece. On the contrary, the Old Mutual Top 10 ETF was the only faller among the ETF’s as it dropped 0.19% to end pegged at $6.5298. A total of 1.77m units worth $5.66m exchanged hands. Elsewhere on the VFEX, Simbisa was the only active counter as it jumped 10.41% to USD$0.4400 on 150 shares worth US$66.0000.