Market Comment - 11.01.2023

Market posts gains for 19 consecutive sessions... The ZSE recorded gains in the 19th consecutive session as the mainstream All Share Index gained 0.30% to 21903.09pts. The Midcap Index put on 0.98% to 41375.50pts while, the Blue-Chip Index inched up 0.07% to 13859.06pts. The Agriculture Index rose 2.10% to end at 82.57pts. Milk processor Dairibord led the gainers’ pack after a 13.64% jump to settle at $50.0000 followed by Hippo Valley that garnered 7.98% to $270.0000. Retailer OKZim advanced 6.92% to settle at $44.9600 while, hotelier African Sun ticked up 6.62% to $26.9211. Capping the top five winners of the day was Ariston Holdings that surged 5.68% to close the day pegged at $4.8667. Headlining the laggards of the day was First Capital that lost 10.21% to $18.0177 trailed by Proplastics that dropped 3.01% to $33.0262. Fintech Group Ecocash Holdings slipped 1.25% to $58.0276 while, Mashonaland Holdings retreated 1.21% to $8.3975. CBZ Holdings fastened the top five losers’ pack on a 0.79% slump to $137.8500. Activity aggregates enhanced in the mid-week session as value outturn extended 4.10% to $548.02m while, volumes traded leapt 35.95% to 6.74m shares. The market closed with a positive market breadth of four after fifteen counters recorded gains against eleven counters that faltered. Econet, Proplastics, First Capital and Delta contributed a combined 88.48% of the total volume traded. The top value drivers of the day were Econet, Delta and Proplastics that contributed 30.76%, 30.19% and 22.98% accordingly. Only two counters registered activity on the VFEX as Padenga went up 19.72% to USD$0.3406 while, Simbisa dipped 19.43% to USD$0.4915. The Datvest ETF and MIZ ETF fell by 0.17% and 3.85% to $1.5109 and $1.2500. The Morgan and Co ETF declined 3.71% to $22.0182 while, the Old mutual ETF lost 1.69% to $7.5021. The Cass Saddle ETF was the only riser among its kind as it added a marginal 0.01% to $1.8502.