Market Comment - 23.02.2023

Market flops while, SeedCo withdraws cautionary to move to VFEX... The ZSE faltered in Thursday’s session as the primary All-Share Index tumbled 0.61% to close at 27755.81pts while, the Top 10 Index fell 1.28% to 16714.69pts. The ZSE Agriculture Index gained 0.24% to finish at 115.72pts while, the Mid-Cap Index was up 0.89% to 59503.06pts. Media entity Zimpapers topped the winners’ pack on a 15.00% rise to $5.7500 followed by Turnall that advanced 14.78% to $6.6000. Hotelier African Sun firmed 9.45% to $78.7716 as Ariston Holdings surged 8.47% to $6.0000. Tyre manufacturer NTS completed the group on a 7.84% lift to $11.0000. First Mutual properties led the laggards of the day after succumbing 11.76% to $15.0000. Bankers NMB and First Capital notched 6.82% and 6.39% to $42.0262 and $17.7245 respectively. Zimplow suffered a 6.22% blow to settle at $29.7750 as Delta capped the top five losers’ set after shedding 5.02% to $513.6154. Activity aggregates were enhanced as volumes jumped 390.16% to 7.43m shares while, turnover soared 283.12% to $653.53m. NMB and OK Limited accounted for a combined 67.63% of the volumes as other counters shared the remaining portion. The major value drivers of the day were Delta (35.87%), NMB (26.07%) and Econet (11.99%). On the VFEX market, Simbisa traded 12,113 shares at a stable price of USD$0.4315 while, Padenga improved 0.12% to USD$0.2500 4,000 shares. Seed Co International dropped 0.19% to USD$0.2595. Cass Saddle slid 8.19% to $2.2126, Morgan & Co gave up 0.55% to $21.7023 and Old Mutual weakened 0.05% to $8.9955. Datvest and MIZ ETFs ticked up 4.52% and 0.12% to end pegged at $1.8944 and $1.4200 respectively. The Tigere REIT added 1.61% to $49.4439. In other news SeedCo Limited has withdrawn its cautionary for the scheduled movement to VFEX.