Market Comment - 08.02.2023

Bullish sentiment prevails... The ZSE rally persisted in the mid-week session as the market registered gains for the 10th consecutive session. The primary All Share Index jumped 7.57% to 28676.92pts while, the Midcap Index soared 4.22% to 54301.03pts. The Agriculture Index climbed 3.65% to 112.75pts while, the Blue-Chip Index rose 8.86% to 18149.19pts. Nampak Zimbabwe headlined the winners of the day on a 15.00% jump to close at $17.2500 followed by Beverages group Delta that grew 14.98% to $649. 8546.Telecoms giant Econet surged 14.97% to $190.0500 as fintech group Ecocash Holdings ticked up 13.82% to settle at $61.4194. Hotelier African Sun completed the winner’s pack on a 12.51% uplift to close the day pegged at $42.0000. Seed producers SeedCo Limited led the laggards of the day on a 4.02% slump to $239.9515 trailed by Proplastics that lost 3.88% to $60.1733. Brick manufacturers Willdale sank 0.87% to $2.9683 while, Star Africa trimmed 0.45% to $1.8978. Spirits and wine manufacturer Afdis capped the losers pack on a 0.24% slid to end the day pegged at $260.2681. The market closed with a positive breadth of ten as eighteen counters registered gains against eight that faltered. Activity aggregates were mixed in the session as volumes traded dropped 54.82% to 7.97m shares while, turnover enhanced 30.23% to $1.78bn. OKZim, Delta, Innscor and Econet anchored the volume aggregate as they claimed a total contribution of 87.91%. Delta (44.85%), Innscor (33.02%), OKZim (12.46%) and Econet (4.88%) were the top value drivers of the day. A total of 5,470 shares exchanged hands on the VFEX market with SeedCo International trading 366 shares at a constant price of $0.2695. Simbisa edged up 1.39% to $0.4300 while on contrary, Padenga withdrew 0.17% to $0.2865. On the ETF section, Datvest and MIZ ETF declined 0.34% and 0.81% to close at $1.5680 and $1.2908. The OMTT ETF was the sole riser on the market on a 4.52% uplift to $8.3327. The Tigere REIT traded 1245 shares at a stable price of $50.6200