Market Comment - 14.02.2023

ZSE retreats further... The market retreated further in Tuesday’s session as three indices in our review closed in the red. The primary All Share Index gave up 0.94% to 28982.80pts while, the ZSE Top Ten Index was 1.34% weaker at 18199.89pts. The ZSE Agriculture Index weakened 0.19% to close at 112.47pts. The Mid Cap Index was the only riser of the day as it advanced 0.14% to 56083.93pts. Agriculture concern Ariston Holdings led the top five losers of the day after a 7.34% decline to $4.1642. Following was Star Africa that shed 6.56% to $1.8688. Zimre Holdings went down 4.49% to $8.5000 as fintech firm Ecocash shrunk 3.85% to $75.2656. Completing the top five shakers of the day was beverages group Delta that dropped 2.94% to finish at $582.3663. Hotelier African Sun led the gainers of the day on a 5.00% rise to $54.6500 as retailer OK Zimbabwe climbed 3.91% to $51.9545.Tea producer Tanganda ticked up 0.18% to $186.3333 while, General Beltings improved 0.04% to $1.6014. Innscor capped the top five gainers of the day with a 0.03% lift to $815.5942. The market closed with a negative breadth of six as five counters rose against eleven that declined. Activity aggregates improved in the session as turnover surged 51.88% to $673.77m while, volume of shares traded added 35.06% to 4.26m. The trio of Econet, Delta and OK Zimbabwe anchored the volume and value aggregates as they claimed 87.74% of the former and 85.32% of the latter. On the VFEX, Padenga dipped 12.74% to USD$0.2500 as nickel miner Bindura trimmed 1.87% to USD$0.0210. SeedCo International let go 0.31% to end pegged at USD$0.2590. Padenga was the sole riser amongst the indices as it gained 3.47% to USD$0.4358. The Old Mutual ETF rose 2.53% to $9.1024 while, the Datvest ETF slipped 6.28% to $1.5000 and the MIZ ETF trimmed 1.32% to end at $1.2973. The Old Mutual ETF slid 1.07% to $9.0047 as Morgan and Co MCS came off 0.03% to $24.9919. The Tigere REIT dropped 1.06% to $50.0723 as 41,617 units traded.