Market Comment - 11.04.2023

Heavies drag down the market in week opener... Heavies dragged down the market in the opening session of the week, post easter holidays, as the All-Share Index parred 1.19% to 37,919.08pts. The ZSE Top 10 Index retreated 2.16% to 22,100.15pts mainly dragged down by Ecocash and Econet. On the contrary, the Agriculture Index gained 1.20% to 149.26pts while, the Mid Cap Index rose 1.69% to 80,260.52pts. Headlining the laggards of the day was the duo of Ecocash and Econet that lost 8.73% and 8.57% to settle at $60.8060 and $215.2842 respectively, as selling pressure increased in the two counters post release of cautionary announcements. Retailer Ok Zimbabwe dropped 4.19% to close pegged at a VWAP of $62.6861 while, agriculture concern Tanganda fell 3.28% to $338.5294. Hotelier RTG capped the top five worst performers of the day on a 2.25% loss to $16.6167. A total of twenty-three counters registered price movements, segregated into twelve losers and eleven gainers to see the market close with a negative breadth of one. Partially mitigating the losses of the day was construction company Masimba Holdings that edged up 15% to $166.7500 trailed by agriculture concern CFI that advanced 15.00% to $677.1000. Packaging group Proplastics garnered 10.00% to $110.0000 while, First Mutual closed at $22.0000 following a 8.65% jump to $22.2727. Property concern Mashonaland Holdings added 7.14% to $15.0000 as it capped the top five gainers of the day. Activity aggregates were depressed in the session as volume traded was down 59.73% to 1.71m while, turnover declined 63.61% to see $328.92m exchange hands. Econet, NMB and Zimpapers drove the volume aggregates of the day with respective contributions of 27.24%, 19.40% and 14.61%. Threesome in Econet, Delta and Hippo Valley were the value leaders with a combined contribution of 83.59%. The ETF Index was up 13.87% at 557.98pts buoyed by Morgan & Co Made in Zim ETF that rose by 0.14%. Elsewhere on the VFEX, the All Share Index was 0.28% weaker at 91.00pts as a total of five counters retreated while, one sailed stable. Bindura led the laggards on the aforementioned market as it dropped 3.05%.