Market Comment - 17.05.2023

Bullish sentiment continues... The bullish sentiment continued in the midweek session to see the primary All Share Index climbing a further 5.32% to 78898.82pts while, the Blue-Chip Index rose 5.53% to 48973.39pts. The Agriculture Index surged 8.98% to 275.52pts while, the Mid Cap Index gained 4.57% to 136717.91pts. The trio of Dairibord, First Mutual Holdings and Truworths led the gainers of the day on an identical 15.00% jump to end pegged at $213.9000, $28.7500 and $5.0600 respectively. Seed producers Seed Co Limited advanced 14.99% to $391.2000 while, Ok Zimbabwe limited capped the top five winners’ pack on a 14.83% uplift to close at $140.4969. Headlining the laggards of the day was cigarette manufacturer BAT that tumbled 7.48% to $5,417.5000 while, CFI Holdings retreated 6.53% to $705.9196. Mash Holdings completed the fallers’ set on a 0.25% decline to settle at $22.0000. The market closed with a positive breadth of twenty-one as twenty-four counters recorded gains against three that lost ground. Activity aggregates were depressed in the session as the volumes traded dropped 33.04% to 5.05m shares while, the value outturn succumbed 68.46% to $1.35bn. OKZim, Star Africa, Econet and Delta were the top volume drivers of the day as the quartet claimed a combined 78.22% of the aggregate. The top value drivers of the day were Delta (36.73%), OKZIM (25.82%), Econet (14.64%) and Meikles (9.75%). On the ETF market, Datvest and MIZ ticked up 0.97% and 11.72% to $4.8035 and $2.8007 accordingly. Morgan & Co MCS edged up 13.39% to close the day at $41.5000 while, the Old Mutual Top 10 ETF firmed up 5.09% to $14.9885. The Tigere REIT stepped up 14.92% to $66.8253 on 11,050 units.