Market Comment - 19.01.2023

ZSE rebounds in the penultimate session... The ZSE rebounded in the penultimate session of the week as mid and small cap counters lifted the market. The All-Share Index recovered 0.87% to close at 21624.47pts while, Blue-Chip Index advanced 0.40% to 13349.26pts. The Agriculture Index continued to buttress prior sessions gains as it rose 3.35% to 89.07pts while, the Mid-Cap Index went up 2.11% to 43623.29pts. The duo of SeedCo Limited and Hippo Valley led the gainers of the day, as they surged a similar 15.00% to see the former close at $118.4490 and the latter at $322.05000. Construction group Masimba traded 14.99% up to close pegged at $96.6500 while, Art holdings improved 12.50% to $18.0000. Property concern Mashonaland Holdings fastened the top-five risers of the day on a 3.56% increment to $8.8023. African Sun was the top laggard of the day as it dropped 5.95% to $30.1519 trailed by, telecommunication company Econet that eased 1.58% to close at $136.0471. Retailer OK Zimbabwe shed 1.10% to end the day at $39.1772 while, Tanganda was 0.74% weaker at $126.0004. Axia that is trading under a cautionary capped the top five losers’ pack of the day as it slipped 0.49% to trade at $98.0135. Activity aggregates faltered in the session as volume of shares traded declined 84.27% to see 1.35m shares exchange hands, while turnover plunged 85.39% to $259.17m. Trio of Econet, Tanganda and Innscor claimed a combined 58.42% of the volume aggregate. Innscor, Econet, Delta and Tanganda drove the value aggregate in the session with respective contributions of 36.89%, 21.16%, 17.44% and 11.55%. On the ETF category, Morgan & Co Made in Zimbabwe and the Morgan & Co MCS traded mixed in the session, as the former lost 1.48% and the latter rose 1.54%. Elsewhere, the VFEX All-Share Index fell 0.59% to 115.9141pts as SeedCo International and Simbisa dropped 6.67% and 1.28% respectively. In other news Delta released a Q3 trading update in which a revenue growth of 44% compared to the same quarter last year was reported.