Market Comment - 06.06.2023

ZSE in rally as second week of June unfolds... The market continued to rally in the second week of the month as gains were recorded across the board. The mainstream All Share Index jumped 8.81% to 122534.30pts while, the ZSE Top Ten Index climbed 9.65% to 74019.74pts on the back of gains in heavies. The ZSE Agriculture Index soared 8.56% to 476.55pts while, the Mid Cap Index edged up 6.19% to 234085.67pts. A similar gain of 15.00% was witnessed in NMB, FMP, BAT, FBC and SeedCO Limited as the quintet closed at respective prices of $115.0000, $50.6000, $6,215.7500, $247.3000, and $1,474.5888. Other notable risers of the day were CBZ (+14.95%), Delta (+14.77%) and Hippo (+14.44%). The market saw twenty-five rising stocks with nil fallers to register a positive breadth. Activity aggregates were depressed in week-opener as seen in volumes that plunged 47.77% to 7.69m while, turnover tumbled 20.59% to $5.36bn. OKZIM, Delta and SeedCo claimed a combined 82.80% of the volume aggregate and 88.62% of the value outturn. Foreign purchases amounted to $418,635.00 while, sales stood at $24,332,620.00 to leave the market with a net funds outflow position. MIZ charged 14.77% to $3.8098 while, Old Mutual ETF advanced 6.04% to $26.0102. The Datvest MCS and Cass Saddle grew 0.08% and 0.04%. The sole faller of the day was Morgan and Co MCS that shed 3.48% to $86.0000.