Market Comment - 15.05.2023

Winning streak continues as ZSE halts trading... The ZSE winning streak persisted into mid-month as the ZSE halted today’s trading session after the mainstream All Share Index breached the 10% threshold on the upside during live trading. The mainstream All share Index VWAP surged 8.37% to 68415.14pts while, the ZSE Top Ten Index advanced 8.90% to 41679.96pts. The ZSE Agriculture Index jumped 8.71% to close at 247.98pts while, the Mid Cap Index went up 6.69% to end at 126,640.89pts. The market registered a positive breadth of twenty-eight as twenty-eight counters gained against nil fallers. The top gainers’ list was headlined by AFDIS, RTG, TSL, Zimplow and RioZim that added a similar 15.00% to close at respective prices of $782.0000, $37.9500, $172.5000, $83.9500 and $253.0000. Other notable gainers of the day were Meikles (+14.99%), Tanganda (+14.92%), OKZIM (+14.48%), Econet (+12.82%), Hippo (+12.01%), Delta (8.00%) and Ecocash (+5.84%). Volume of shares traded dipped 76.59% to 1.53m while, market spend tumbled 78.38% to $196.27m. Volume leaders of the day were OKZM and Star Africa that claimed 58.43% and 12.92% apiece. OKZIM, Hippo and BAT anchored turnover on respective contributions of 40.34%, 22.57% and 11.77%. The top gainer amongst the ETFs was Cass Saddle that edged up 14.87% to trade at $2.5272, trailed by MIZ that put on 13.45% to $2.5000. Old Mutual and Datvest MCS rose 6.89% and 5.92% in that order. Cumulatively, 221,074 units worth $1.30m exchanged hands in four ETFs. The Tigere REIT improved a negligible 0.00198% to $50.6210 on 492,311 units.