Market Comment - 20.06.2023

Heavies drag down the market... Heavies dragged down the market in Tuesday’s session to see their own ZSE Top Ten Index record the biggest drop of 9.78% to end at 96703.58pts. The mainstream All-Share Index trimmed 6.64% to close at 168653.34pts while, the ZSE Agriculture Index weakened 0.53% to 700.94pts. The only gainer amongst the indices we review was the Mid-Cap Index that rose 2.89% to close at 376615.24pts. Econet headlined the losers’ pack on a 14.98% decline to $861.5783 as beverages giant Delta succumbed 14.84% to $2932.6443. Hotelier Meikles Limited slid 14.59% to $1785.0000 while, retailer OKZIM gave up 9.15% to finish at $267.9735. Sugar refiner Star Africa completed the top five fallers of the day as it shed 4.20% to $5.1251. Mining house RioZim and bankers FBC Holdings gained a similar 15.00% end pegged at $423.2000 and $824.4000. Cable manufacturer Cafca swelled 14.99% to $664.5500 as clothing retailer Truworths advanced 14.39% to $9.1000. Zimre Holdings was the fifth gainer as it added 12.72% to $71.0136. The market enjoyed a positive breadth of two as eleven stocks gained against nine that lost ground. Activity aggregates were depressed in the session as volumes dropped 94.13% to 869,270 shares while, value outturn shrunk 34.98% to $895.91m. Delta and FBC Holdings were the top value and volume drivers as they contributed 93.44% and 50.64% to the aggregates apiece. Other notable volume drivers were Star Africa (20.49%), Ecocash Holdings (11.97%) and First Mutual Holdings (7.76%). On the ETFs section, Cass Saddle was the sole winner as it gained 0.36% to $4.8500. Datvest, Old Mutual ETF and Morgan & Co MCS fell 10.78%, 9.02% and 3.09% to end at $13.3249, $47.9901 and $140.5224 respectively. The Tigere REIT was unchanged at $330.0000 after trading 236 units.