Market Comment - 12.05.2023

Mid and heavy cap counters lead market charge... Gains in mid and heavy cap counters lifted the ZSE in the week-ending session. The primary All Share Index surged 6.03% to 63,129.96pts while, the ZSE Top Ten Index advanced 6.87% to close at 38,273.52pts. The Agriculture Index put on 0.45% to 228.11pts as the Mid Cap Index rose 3.31% to 118,695.93pts. VFEX bound, First Capital Bank garnered 14.68% to end pegged at $57.2998, trailed by Ecocash that jumped 14.59% to $120.3184. Zimplow charged 14.42% to $73.0000 as Turnall edged up 13.11% to $8.5962. Completing the top five risers of the day was Delta that notched 11.68% to $1,390.7120 post the release of its FY23 results in which PAT went up 29% to $63.14bn. The worst faller of the day was Star Africa that succumbed 14.65% to $2.0450, followed by lone miner RioZim that shed 4.35% to $220.0000. Agriculture concern Ariston dropped 1.80% to $13.4669 as FMP trimmed 1.55% to $34.4100. Apparel retailer Edgars held the fifth position of the shakers’ table after declining 1.54% to $32.0000. Volume of shares traded ballooned 175.53% to 6.54m while, turnover added 6.80% to $907.84bn. The top volume drivers of the day were First Capital and Tanganda which claimed 63.07% and 11.99% apiece. The top value drivers of the day were Tanganda (39.76%), First Capital (25.50%) and Delta (13.90%). The Datvest MCS firmed 13.07% to $4.0000 while, the Cass Saddle ETF ticked up 8.91% to $2.2000. The Old Mutual ETF grew 1.44% to $11.7784 while, on the contrary the MIZ slipped 2.73% to $2.2037. A total of 225,126 units worth $1.98m exchanged hands in the ETFs section.