Market Comment - 06.02.2023

ZSE winning streak continue... ZSE winning streak persisted into the new week recording its 8th consecutive session of gains. The primary All Share Index was up 1.87% to close at 25245.22pts while, the ZSE Top Ten Index improved 2.06% to 15536.68pts. The Agriculture Index extended 2.01% to 106.92pts while, the Mid Cap Index rose 1.40% to end at 51419.50pts. SeedCo Limited headlined the risers’ pack after a 14.67% surge to $249.9867. Trailing was sole mining company on the bourse RioZim that edged up 14.16% to $160.0000. Telecoms giant Econet jumped 7.30% to settle at $156.2343 as packaging group Nampak notched 7.14% to $15.0000. Banking group First Capital completed the top five gainers’ list on a 5.30% uplift to $15.1677. Trading in the negative territory was Star Africa that declined 6.43% to $1.8058 followed by African Sun that trimmed 5.91% to $33.8733. General Beltings slid 5.75% to $1.6025 while, brick manufacturer Willdale came off 1.63% to $3.0003. Capping the top five laggards of the day was property concern FMP that let go 1.32% to $15.0000. Volume of shares traded dipped 21.00% to 1.85m as Econet, First Capital, Delta and SeedCo accounted for a combined 74.95% of the aggregate. Turnover succumbed 18.16% to $420.64m as Delta, Innscor, Econet and SeedCo claimed 36.25%, 23.88%, 16.43% and 14.29% of the outturn apiece. On the VFEX, Simbisa and Padenga slipped 7.30% and 0.17% to end pegged at USD$0.4000 and USD$0.2870 apiece. Nedbank was stable at USD$11.5000 as 194 depository receipts traded. On the ETF section, Datvest put on 3.78% to $1.5252 while, Morgan and Co MCS added 2.78% to $24.6667. The Old Mutual ETF tumbled 1.75% to $7.7107 on 29,255 units. Elsewhere, Tigere REIT declared its maiden interim dividend of USD$0.00021 per unit and 10.54 ZWL cents per unit which is payable on the 24th of February. The aforementioned company traded 9,417 units worth $476,688.54 at an unchanged price of $50.6200.